Section 19. The clerk or secretary shall be elected by the stockholders at their annual meeting or at a special meeting duly called for the purpose.

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The president shall be elected by and from the board of directors and shall be chairman of the board unless the board designates a director in lieu of the president to be chairman. The directors shall elect the president, the vice president or vice presidents, treasurer and any other officers. The president, as may be permitted by law or by-law, may select other officers. The officers elected by the board shall hold their respective offices during the pleasure of the directors. The directors may fill a vacancy in the office of clerk or secretary until the next meeting of the stockholders.