Section 15. The directors, at a regularly scheduled meeting or at a special meeting of the directors called for the purpose and thereafter at their first meeting after the annual meeting, shall elect from their own number a chairman of the board and a clerk and shall elect persons who may or may not be directors to hold the offices of president and treasurer and may elect vice-presidents and assistant treasurers, all of whom shall be officers of the corporation and shall elect such other officers as may be necessary for the transaction of the business of the credit union. The offices of president and treasurer shall not be held by the same person. The offices of president and chairman of the board may be held by the same person and the offices of clerk and treasurer may be held by the same person.

At such meeting, the directors shall also elect from their own number an auditing committee, a credit committee, and an investment committee. Each such committee shall be comprised of not less than three nor more than five members; provided, however, that no member of the board of directors shall be a member of both the credit committee and the auditing committee.

Officers shall be sworn to the faithful performance of their duties and shall hold their several offices unless sooner removed, as provided in section thirteen, until their successors are qualified.

The board of directors may appoint an executive committee or a membership officer from among the board, other than the treasurer, an assistant treasurer or a loan officer and authorize such committee or officer to approve applications for membership under such conditions as the board may prescribe; provided, however, that the committee or officer so authorized shall submit to the board at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the by-laws or the board may require.