(1)    Management. At its first meeting following the annual membership meeting, the board of directors shall elect from its number a chairperson and one or more vice chairpersons, a secretary of the board and a treasurer of the board. Any 2 or more offices of the board may be held by the same person, except the offices of chairperson and vice chairperson and the offices of chairperson and secretary. The board of directors shall have the general oversight and final decision-making authority over the affairs, funds and records of the credit union, and shall meet as often as may be necessary. The president of the credit union shall be the chief executive officer of the credit union and shall be in active charge of managing the credit union’s day-to-day operations.?

   (1m)   Board duties. The board’s duties include all of the following:

      (a)    Acting on all applications for membership, unless the board delegates that responsibility.

      (b)    Expelling members for cause.

      (c)    Setting the type and amount of bond required for directors, officers and employees.

      (d)    Filling vacancies on the board of directors.

      (e)    Establishing rates of interest on all loans or authorizing an officer or committee of the credit union to establish interest rates on loans.

      (f)    Establishing conditions applicable to deposit accounts.

      (g)    Establishing rates of interest on all deposit accounts or authorizing an officer or committee of the credit union to establish interest rates on deposit accounts.

   (3)   Executive committee, meetings. The board of directors may appoint an executive committee consisting of at least 3 directors. If an executive committee is appointed, the executive committee shall meet as often as necessary, and the full board of directors shall meet at least quarterly. The board of directors may delegate all or any part of its authority to an executive committee, subject to any conditions or limitations the board may impose.