(1) In the period of seven days beginning on the day following the organisation meeting or each annual general meeting, the board of directors of a credit union shall elect by secret ballot from their number four persons who shall be, respectively, chairman, vice-chairman, treasurer and secretary of the credit union.
(2) Notwithstanding subsection (1) of this section the same person may be elected treasurer and secretary of a credit union.
(3) A person elected under subsection (1) or (2) of this section shall hold office only until the conclusion of the next following annual general meeting of the credit union.
(4) The directors may, in order to fill a casual vacancy, at any time and from time to time elect any of their number to be a chairman, vice-chairman, secretary or treasurer of the credit union (or treasurer and secretary thereof), and any person so elected shall hold office only until the conclusion of the next following annual general meeting of the credit union.
(5) With