Each credit union shall have at least five directors. Each director: Shall be a member of the credit union; Shall be bonded; May not have: Defaulted on the payment of any monetary obligation to the credit union; Been convicted of any criminal offense involving dishonesty or breach of trust; Habitually neglected to pay debts; Become insolvent or bankrupt; or Been removed by any state or federal regulatory agency from office as an officer, official, or employee of a financial institution; and Shall comply with any other qualifications set forth in the credit union bylaws. A director holds office for the term that the bylaws provide, which may not exceed 3 years, and until a successor is elected and qualifies. Each director shall take an oath that the director: Will diligently and honestly perform the duties as director in administering the credit union’s affairs; Will remain responsible for the performance of the duties of the director even if the director delegates the performance of the duties; and Will not knowingly or willfully permit the violation of an applicable law or regulation. The chairman and, if any, vice chairman of the board shall be elected by and from the directors.