The officers of such association shall consist of a president, vice-president, treasurer and secretary, who shall be ex officio members of the board of directors, which shall consist of not less than five members, exclusive of such ex officio members. Other officers may be authorized by the bylaws. The secretary and at least two-thirds of the directors of an association shall be residents of this territory and a vacancy in the board of directors or in any office of an association shall be filled by the remaining members of the board. The duties, compensation, term of office, time of election of officers, and the time of periodical meetings of the officers and shareholders shall be determined by the bylaws; except that the board of directors shall annually determine the compensation of the secretary and treasurer. Special meetings of the officers and shareholders shall be called and held as provided by the bylaws. Each shareholder, not in arrears for dues, shall be entitled to one vote at all meetings of the shareholders, for each share owned by him or held by him as trustee, but not to exceed fifty votes for any one account. All borrowers are deemed to be members and shall have at least one vote. All officers shall hold office until their successors are duly elected and assume the duties of the office. An association shall not expire from neglect on its part to elect officers at the time prescribed by the bylaws.