1. At the annual meeting the members shall elect a board of directors and, if the bylaws so provide, a credit committee and a supervisory committee. If the bylaws so provide, a supervisory committee may be appointed by the board of directors, one of whom may be a director other than a compensated officer of the board.

2. A credit committee shall be appointed by the board of directors, unless the bylaws provide for the election of such committee or, in the alternative, do not provide for such committee and provide for the appointment by the board of a credit manager.

3. All members of the board and committees and all officers shall be sworn, and shall hold their several offices for such terms as may be provided in the bylaws.

4. The oath shall be subscribed by the individual taking it and certified by the officer before whom it is taken and shall immediately be transmitted to the director and filed and preserved in his office.