1. Every such association shall be managed by a board of not less than five directors, who shall be elected by and from the shareholders, subject to such restrictions and with such qualifications as may be prescribed by the bylaws, at such time and for such term of office as the bylaws may prescribe, and shall hold office for the time for which elected, and until their successors are elected and qualified; but the shareholders shall have the power as herein provided, at any regular or special shareholders’ meeting, legally called, to remove any director for cause and to fill the vacancy, and thereupon the director so removed shall cease to be a director of said association.

2. The officers of every such association shall be a president, one or more vice presidents, a secretary and treasurer, who shall be elected annually by the directors, and each of said officers must be a director of the association except the secretary and treasurer. The offices of secretary and treasurer may be combined, and when so combined, the person filling the office shall be secretary-treasurer.

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3. When any director has been removed for cause, as herein provided, such action shall vacate any office held by him and such vacancy shall be filled from among the board of directors so constituted after the vacancy in such board of directors has been filled by the shareholders as herein provided.