Section 21. Officers

The  officers  of  a  cooperative  shall consist of a
  president, vice-president, secretary and treasurer, who shall be elected
  annually by and from the board of directors. When a person  holding  any
  such  office ceases to be a director he shall cease to hold such office.
  The offices of secretary and of  treasurer  may  be  held  by  the  same
  person.  The  board  of  directors  may also elect or appoint such other
  officers, agents, or employees as it deems necessary  or  advisable  and
  shall prescribe their powers and duties. Any officer may be removed from
  office  and  his  successor  elected  in  the  manner  prescribed in the
  by-laws.