(1) The members of each board shall meet and organize by electing one (1) of their number as chairman, one (1) as vice chairman, one (1) as secretary, and one (1) as treasurer.
(2) Such officers shall be elected annually thereafter in like manner.
(3) The duties of secretary and treasurer may be performed by the same member.
(4) The board may also appoint an executive director who shall serve at the pleasure of the board and receive such compensation as shall be fixed by the board.