(a) All funds received by the Arkansas State Medical Board shall be expended in furtherance of the purposes of the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq. This includes, but is not specifically limited to, the publication of the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq., preparing and publishing a compilation of physicians, investigating violations of the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq., instituting actions to compel compliance with the provisions of the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq., defending actions brought against it as a result of its actions under the provisions of the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq., and for such other purposes not inconsistent with the general purposes of the creation of the board as may be directed by the board.
(b)
(1) All moneys received by the board shall be disbursed by the Chair of the Arkansas State Medical Board or the Director of the Arkansas State Medical Board.
(2) The board shall furnish a surety bond and shall keep a true and faithful account of all moneys received and all moneys expended.
(3) The chair shall file annually with the Secretary of the Department of Health a report of all financial transactions duly audited by an independent accountant.
(c) Any surplus in the treasury of the board at the end of the year shall remain in the treasury and may be expended in succeeding years for the purposes set out in this section.
(d) It shall not be lawful for the board or for any member thereof in any manner whatsoever or for any purpose to charge or obligate the State of Arkansas for payment of any money whatsoever.