Section 15. The directors, at a regularly scheduled meeting or at a special meeting of the directors called for the purpose and thereafter at their first meeting after the annual meeting, shall elect from their own number a chairman of the board and a clerk and shall elect persons who may or may not be directors to hold the offices of president and treasurer and may elect vice-presidents and assistant treasurers, all of whom shall be officers of the corporation and shall elect such other officers as may be necessary for the transaction of the business of the credit union. The offices of president and treasurer shall not be held by the same person. The offices of president and chairman of the board may be held by the same person and the offices of clerk and treasurer may be held by the same person.

At such meeting, the directors shall elect an auditing committee from among the directors, an investment committee comprised of at least 1 member of the board of directors and a credit committee, if applicable, comprised of at least 1 member of the board of directors. Each such committee shall be comprised of not less than 3 members and not more than 5 members; provided, however, that no member of the board of directors shall be a member of both the credit committee, if any, and the auditing committee.

Officers shall be sworn to the faithful performance of their duties and shall hold their several offices unless sooner removed, as provided in section thirteen, until their successors are qualified.

The board of directors may appoint an executive committee or a membership officer from among the board or other employees, other than the treasurer, an assistant treasurer or a loan officer, and authorize the committee or officer to approve applications for membership under such conditions as the board of directors may prescribe.