(1) By its bylaws, any cooperative may provide for an executive committee to be elected from and by its board of directors.
(2) To such committee may be delegated the management of the current and ordinary business of the cooperative and such other duties as the bylaws may prescribe, but the designation of the committee and the delegation of authority thereto shall not operate to relieve the board of directors or any member thereof of any responsibility imposed upon it or him or her by this subchapter.