(a) The officers of a development corporation are:
(1) the president, vice-president, and secretary; and
(2) other officers, including a treasurer, and assistant officers considered necessary.
(b) An officer is elected or appointed at the time, in the manner, and for the term provided by the articles of incorporation or bylaws, except that an officer's term may not exceed three years. If the articles of incorporation or bylaws do not contain those requirements, the board of directors shall elect or appoint each officer annually.
(c) A person may simultaneously hold more than one office, except that the same person may not simultaneously hold the offices of president and secretary.
(d) An officer may be removed by the persons authorized to elect or appoint that officer if those persons believe the best interests of the corporation will be served by the removal.