(1) The officers of the board shall be a chairperson, a vice-chairperson, a secretary and a treasurer. The same person may hold the offices of secretary and treasurer.

(2) At the annual meeting of the board, the directors shall elect officers.

(3) Officers shall hold office for one year or until their successors are elected unless removed sooner.

(4) If the office of any officer becomes vacant by reason of death, resignation, removal, or otherwise, the board of directors shall elect a successor who shall hold office for the unexpired term.