(1) The principal officers of a cooperative shall consist of a president and/or chair, vice president and/or vice chair, secretary, and treasurer, who shall be elected annually by and from the board. No person shall continue to hold any of the above offices after having ceased to be a director. The offices of secretary and of treasurer may be held by the same person.
(2) The board may also elect or appoint such other officers, agents or employees as it shall deem necessary or advisable and shall prescribe their powers and duties.
(3) Subject to the removal of directors as may be provided for in the bylaws, any officer elected or appointed by the board may by the board be removed from such office and a successor elected or appointed whenever the board determines that such action is in the cooperative's best interests.