§ 21. Officers. The officers of a cooperative shall consist of a
president, vice-president, secretary and treasurer, who shall be elected
annually by and from the board of directors. When a person holding any
such office ceases to be a director he shall cease to hold such office.
The offices of secretary and of treasurer may be held by the same
person. The board of directors may also elect or appoint such other
officers, agents, or employees as it deems necessary or advisable and
shall prescribe their powers and duties. Any officer may be removed from
office and his successor elected in the manner prescribed in the
by-laws.