1. At the organizational meeting and within 30 days following each annual meeting, the directors shall elect, from their own number, the executive officers of the corporation. The officers must be designated as: (a) Chair of the board; (b) Vice chair of the board; (c) Treasurer; and (d) Secretary. The treasurer and secretary may be the same person. 2. The treasurer or general manager shall give a fidelity bond with good and sufficient surety in an amount and character to be determined by the board in compliance with regulations prescribed by the Commissioner. 3. Each officer shall serve a term of 1 year or until such time as successors are chosen and have qualified. 4. The duties of each office must be as prescribed in the bylaws of the credit union.
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