Sec. 2. The board of trustees of Indiana University may:
(1) elect one (1) member from the board to serve as president of the board of trustees;
(2) elect a treasurer, secretary, and other officers they determine necessary; and
(3) prescribe the duties and fix the compensation of:
(A) the president, treasurer, and secretary of the board of trustees; and
(B) the other officers of the board of trustees determined by the board to be necessary.