Md. Code, Financial Institutions § 6–330

(a) Within 15 days after the annual meeting of the members and after the directors-elect have qualified, the board shall meet and elect the officers of the credit union.

(b) Unless the bylaws provide otherwise:

(1) Each officer serves for a term of 1 year and until a successor is elected and qualifies; and

(2) The president shall be the chief executive officer who shall be responsible for the day to day operations of the credit union.

(c) Subject to the provisions of an enforceable employment contract, if any, the board may remove an officer at any time.