(a)  The board of directors shall appoint, or the membership shall elect, qualified members to a supervisory committee consisting of no fewer than three (3) members nor more than five (5) members. The director, or the director’s designee, shall issue guidelines defining a “qualified” supervisory committee member. No officers, directors, or employees of the credit union, or immediate family members thereof, shall be members of the supervisory committee.

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(b)  Members of the supervisory committee shall be appointed by the board of directors or elected by the membership for no fewer than one nor more than three (3) years, as the bylaws provide. An equal number of members, as nearly as may be, shall be appointed or elected each year.