The officers of a nonprofit water company shall consist of a president, vice president, secretary and treasurer, who shall be elected annually. No person shall continue to hold the offices of president or vice president after he or she shall have ceased to be a director. The offices of secretary and of treasurer may be held by the same person and need not be a member of the board of directors. The board of directors may also elect or appoint such other officers, agents or employees as it shall deem necessary or advisable and shall prescribe the powers and duties of such officers, agents and employees. Any officer may be removed from office and such officer’s successor elected in the manner prescribed in the bylaws.