(a)(1) A board of directors shall:
(A) Consist of an odd number of directors;
(B) Be at least 5 in number; and
(C) Be elected by and from natural person members.
(2) A District credit union's bylaws shall set forth the qualifications for nomination to the board.
(b) All members of the board of directors shall hold office for the terms provided for in the bylaws. Terms may be staggered so that an approximately equal number of terms expire each year.
(c) A director shall hold office for the term for which the director was elected and until a successor is elected and qualified.