(a) Authority--The business and affairs of an institution shall be managed by a board of trustees in the case of a savings bank and by a board of directors in the case of any other institution.

(b) Articles and by-laws--Subject to the provisions of this act and provisions of the articles, the number, qualifications, terms of office, manner of election, time and place of meetings, compensation, powers and duties of the directors or trustees may be prescribed by the by-laws.

(c) Compensation--The board of directors or trustees may, except as otherwise provided in the articles or by-laws, fix the compensation of directors or trustees for their services and a director or trustee may be a salaried officer of the institution.

(d) Honorary and advisory positions--The board of trustees of a savings bank may appoint an individual an honorary trustee or trustee emeritus and the board of directors of any other institution may appoint an individual an honorary director or director emeritus or member of an advisory board. An individual so appointed may be compensated but may not vote at any meeting of the board of directors or trustees or be counted in determining a quorum and shall not have any responsibility or be subject to any liability imposed upon a director or trustee.