(a) The powers and responsibilities of the corporation are vested in the board of directors. The board of directors of the corporation consists of nine members appointed by the governor as follows:
(1) three state residents who have a significant high level of experience in the private business sector, specializing in financing or economic development or marketing; two of the state residents appointed under this paragraph shall be residents of the borough where the launch activities of the corporation occur if qualified candidates residing in the borough are available;
(2) the president or the designee of the president of the University of Alaska;
(3) the director or designee of the Geophysical Institute of the University of Alaska;
(4) the adjutant general of the Department of Military and Veterans' Affairs or the adjutant general's designee;
(5) two members who have held or currently hold positions in the aerospace or commercial space industry, have special experience regarding federal regulatory procedures and policies involving space, or have operational experience; members with aerospace experience may not exceed one; and
(6) a public school educator or a public member.
(b) The members of the board of directors of the corporation described in (a)(5) of this section may be nonresidents of the state. The term of the members described in (a)(1), (5) and (6) of this section is four years and those terms shall be staggered.
(c) Members of the board of directors of the corporation described in (a)(1), (5) and (6) of this section receive $100 compensation for each day spent on official business of the corporation.
(d) In addition to the members of the board of directors described in (a) of this section, two members of the legislature shall serve as ex officio nonvoting members of the board of directors. The two ex officio nonvoting members shall include one member of the senate appointed by the president of the senate and one member of the house appointed by the speaker of the house.
(e) The voting and nonvoting members of the board of directors of the corporation are entitled to per diem and travel expenses authorized under AS 39.20.180.