(1) At their next meeting following each annual meeting of the members, the directors shall elect from their own number:
(a) a presiding officer of the board;
(b) one or more vice presiding officers of the board;
(c) a treasurer; and
(d) a secretary.
(2) The treasurer and the secretary may be the same individual.
(3) The persons so elected must be the executive officers of the corporation.
(4) The terms of the officers must be 1 year or until their successors are chosen and have duly qualified.
(5) The duties of the officers must be prescribed in the bylaws.
(6) The board of directors may employ an officer in charge of operations, whose title must be either president or general manager or president and general manager, or the board of directors may designate the treasurer or an assistant treasurer to act as general manager and be in active charge of the affairs of the credit union.