Note: This was changed at the 2016 Supreme Convention.
http://www.kofc.org/en/conv/2016/resolutions/amending-section-128.html

Current by-laws:
https://www.kofc.org/un/en/forms/leadership/charter-const-laws30.pdf
Election
SEC. 128.
All officers, except the Financial Secretary, Lecturer and Chaplain, shall be elected annually, by ballot, at a regular business meeting held between the first day of May to and including the fifteenth day of June each year, and with the exception of the Trustees who shall serve for terms not to exceed three years as provided by Section 145, said officers shall hold their offices for the term of one year from the first day of July following, and until their successors are elected and qualified. Provided, however, that elective officers of councils identified with colleges and universities may be elected at a regular business meeting held between the first day of March to and including the first day of June in each year after written notice is given to the members of the date selected.

The Grand Knight, Deputy Grand Knight and Board of Trustees may annually select a priest to act as Chaplain, but such selection must be made in accordance with any rules established by the bishop of the diocese in which the council is located.

The Grand Knight shall select annually a Lecturer.

The Financial Secretary shall be appointed by the Supreme Knight.

He shall hold office at the will of the Supreme Knight. He shall be compensated in a manner approved by the Board of Directors.