(a) The directors shall select a president, vice president, secretary, and treasurer to serve one-year terms.
(b) The president and vice president must be members of the board. The secretary and treasurer are not required to be board members.
(c) The offices of secretary and treasurer may be combined.
(d) The president is the board's chief executive officer and budget officer and shall preside at the meetings of the board.
(e) The vice president shall act as president if the president is incapacitated or absent from a meeting.
(f) The secretary shall keep the records and the minutes of the meetings of the board.
(g) The board shall require the treasurer to give a bond in the amount equal to the estimated amount to be held, at any time, by the treasurer. The board shall pay the bond premium.