(a) At the annual organizational meeting, the board shall elect from its membership a chairman, vice chairman, treasurer, and secretary. The offices of treasurer and secretary may be held by the same individual.
(b) An officer elected under Subsection (a):
(1) serves a one-year term or until the officer’s successor is elected and qualified; and
(2) has the duties the bylaws prescribe.

(c) The board may appoint from its membership an executive committee of at least three persons to exercise, between board meetings, authority specifically delegated by the board under conditions specified by the board. At each board meeting, the executive committee shall report to the board regarding any meeting held or action taken by the committee between board meetings.
(d) The bylaws may establish a minimum age requirement to hold office in the credit union.