(a) The directors shall elect:
(1) a president or chairman;
(2) one or more vice-presidents or vice-chairmen;
(3) a secretary; and
(4) a treasurer.
(b) To be eligible to serve as president, chairman, vice-president, or vice-chairman, a person must be a director.
(c) The directors may combine the offices of secretary and treasurer as secretary-treasurer.
(d) A bank or depository may serve as treasurer but is not considered to be an officer. If a bank or depository serves as treasurer, the secretary shall perform the usual accounting duties of the treasurer except that the secretary may deposit money only as authorized by the board of directors.