At their first meeting, after each election, the trustees shall elect from their number a president, a treasurer and a clerk. They shall meet thereafter at such times as they may designate, and shall make bylaws and keep records of their action signed by the clerk. They shall be a corporation to receive and hold in trust, and to sell and convey, property for the benefit of their church, according to the discipline and usages of the religious denomination to which it belongs. At each annual meeting of the members of each Methodist Church, the treasurer shall present to the legal voters a written statement of all the receipts and expenditures of the corporation during the preceding year.