(1) At its first meeting after the annual election, the board of directors shall elect from its own number: An executive officer, who may be designated as chair of the board or president; a vice-chair of the board or one or more vice-presidents; a treasurer; and a secretary. A single person shall not serve as both secretary and treasurer. The persons so elected are the executive officers of the corporation. The board of directors is responsible for the general management of the affairs of the cannabis credit co-op, and more specifically for:

(a) Acting on applications for membership, or appointing from among the membership of the co-op one or more membership officers who may act on applications for membership;

(b) Setting policies, terms, and conditions under which loans will be available to members, and determining interest rates on loans and on deposits;

(c) Fixing the amount of the blanket surety bond that covers all elected and appointed officials and all employees of the co-op. The blanket surety bond must be in an amount equal to the assets of the co-op as of December 31 of the previous year or one million dollars, whichever is less, or in such other amount as the commissioner may prescribe.

(d) Declaring dividends and, subject to approval by the commissioner, adopting amendments to the bylaws of the co-op;

(e) Determining when any vacancy exists in the board of directors or in the credit committee, filling vacancies in the board and in the credit committee until successors are elected or appointed and qualify, and appointing one or more assistant secretaries or treasurers or both, as needed; and the board shall employ:

(I) An officer in charge of operations whose title is either president or chief executive officer to act as general manager and who shall be in active charge of the affairs of the co-op; and

(II) A chief financial officer;

(f) Determining the maximum individual share holdings in the co-op and the maximum amount of individual loans that can be made either with or without security;

(g) Having charge of and supervising investments of co-op funds;

(h) Maintaining records pursuant to rules promulgated by the commissioner concerning how long records must be retained and in what manner;

(i) Providing for compensation for necessary clerical and auditing assistance requested by the supervisory committee and of loan officers appointed by the credit committee and establishing any salary to be paid to the chief executive officer, president, or chief financial officer.

(2) The bylaws must determine the duties of the officers; except that the treasurer is the general manager if a general manager has not been employed pursuant to paragraph (e) of subsection (1) of this section.