Before July 1st of each odd-numbered year, the senate shall elect one of its elected members or the current vice president/secretary as president of the senate for a term of two years. Upon election as president of the senate, an elected member shall vacate the position as the representative of his or her unit in the senate. The president of the senate shall preside at all meetings of the senate and shall exercise such other powers and duties as may be vested in the president by this Part and the bylaws of the senate. The president shall be an ex officio member of all senate committees. The president of the senate may be reelected for a second term, but may not thereafter be eligible for a successive term provided however that a president initially elected to fill less than half of a term arising from a vacancy is eligible to serve two additional successive full terms.