The board shall elect from its number a president, a vice president, a secretary, and a treasurer, but the same person may be elected to the office of secretary and treasurer. The powers and duties of the foregoing officers, as well as their terms of office and compensation, shall be provided for in the bylaws. The board shall appoint such other officers, agents and employees as it deems necessary, and fix their powers, duties and compensation. Any officer, agent or employee, elected or appointed by the board, may be removed by it whenever in its judgment the best interests of the corporation will be served.