(1) In the case of a religious institution for which a Board of Trustee is constituted under section 39, subsection (1), the Board shall elect one of its number to be its Chairman.
(2) In the case of any other religious institution having more than one trustee, the trustees of such institution shall elect one of thier number to be the Chairman.
(3) A Chairman elected under subsection (1) or subsection (2) shall hold office for such period as may be prescribed.