(a) Subject to such restrictions or limitations as may be imposed by municipal ordinances, the board created pursuant to this subchapter shall have plenary powers with reference to the selection, supervision, and payment of compensation for all employees required in connection with the operation of the municipal plants under its jurisdiction.
(b)
(1) Any ordinance passed by the city council may make additional provisions for the control and operation of light, water, or sewer plants and may provide a limitation as to salaries or wages to be paid by the board including salaries to be paid to members of the board for their services as members of the board.
(2) Unless otherwise limited or authorized by city ordinances, the salaries to be paid to members of the board shall be ten dollars ($10.00) per month or five dollars ($5.00) for each meeting attended by each board member, whichever is less.