(a) Subject to any limitations created in the agreement required under § 14-144-201(c), the management and control of each research park authority and its property, operations, business, and affairs shall be lodged in a research park authority board of not less than five (5) nor more than seven (7) natural persons who shall be appointed for terms of five (5) years each.
(b)
(1) The number of members of the board to which each of the participating governmental bodies is entitled shall be set forth in the agreement required under § 14-144-201(c).
(2) However, each of the participating governmental bodies shall be entitled to appoint at least one (1) member.
(3) Appointments of members shall be made:
(A) For a municipality, by the mayor;
(B) For a county, by the county judge;
(C) For an accredited institution of higher education, by the president or chancellor of the accredited institution of higher education; and
(D) For a state agency, by the Governor.
(c)
(1) The members shall serve staggered terms.
(2) Upon taking office, the members shall draw lots so that:
(A) One (1) member shall have a one-year term;
(B) One (1) member shall have a two-year term;
(C) One (1) member shall have a three-year term;
(D) One (1) member shall have a four-year term; and
(E) One (1) member shall have a five-year term.
(3) A sixth or seventh member shall serve a five-year term.
(4) After the expiration of their respective terms, persons reappointed to the board or their successors shall serve five-year terms.
(5) A person shall not serve as a member for more than a total of ten (10) consecutive years.
(d)
(1) A member appointed by a mayor or county judge shall be a bona fide resident and qualified elector of the municipality or county of the appointing mayor or county judge.
(2) A member of the board appointed by the president or chancellor of the accredited institution of higher education shall be a bona fide resident and qualified elector of the institution's metropolitan statistical area or the county in which the main campus of the institution is located if the main campus is not the institution's metropolitan statistical area.
(3) A member appointed by the Governor shall be a bona fide resident and a qualified elector of the State of Arkansas.
(e) If a member dies, resigns, is removed, or for any other reason ceases to be a member of the board, the officer who appointed the member shall appoint another eligible person to fill the unexpired portion of the term of the member.
(f) A member once qualified shall not be removed during his or her term except for cause by the mayor, county judge, president or chancellor of the accredited institution of higher education or Governor who appointed the member or upon such other conditions as may be set forth in the agreement required under § 14-144-201(c).
(g)
(1) A member shall not receive any compensation whether in the form of salary, per diem allowance, or in another form for or in connection with his or her services as a member.
(2) However, each member shall be entitled to reimbursement by the board for any necessary expenditures in connection with the performance of his or her general duties as a member.