(1) Every association shall be managed by a board of not fewer than five (5) directors.
(2) The directors shall be elected by the stockholders of the association at such times and for such terms of office as the bylaws may prescribe and shall hold office for the time for which elected and until their successors are elected and shall enter upon the discharge of their duties.
(3) A majority of the stockholders shall have power at any regular or special stockholders' meeting legally called to remove any director or official for cause and fill the vacancy, and thereupon the director so removed shall cease to be a director of the association.
(4) The officers of every association shall be a president, one (1) or more vice presidents, a secretary, and a treasurer and such other officers as may be deemed necessary by the board of directors.
(5) The offices of secretary and treasurer may be combined into the office of secretary-treasurer.