(a) There is established the Graduate Medical Education Residency Expansion Board, which shall administer the program under this subchapter and shall be composed of:
(1) One (1) representative from each medical school in Arkansas;
(2) Two (2) physician members appointed by the Arkansas State Medical Board, giving preference to physicians who have received rural medical practice loans, community match loans, or income incentives; and
(3) Two (2) representatives appointed by the Arkansas Hospital Association, Inc.
(b) The Graduate Medical Education Residency Expansion Board shall:
(1) Promulgate rules necessary to execute this subchapter, including without limitation rules that address the requirements and are in conformance with the requirements of the Arkansas Administrative Procedure Act, § 25-15-201 et seq.;
(2) Prescribe forms for and regulate the submission of grant applications;
(3) Determine the eligibility of applicants;
(4) Manage, operate, and control all funds and property appropriated or otherwise contributed for this purpose;
(5) Accept gifts, grants, bequests, or devises and apply them as a part of the program under this subchapter;
(6) Sue and be sued as the Graduate Medical Education Residency Expansion Board; and
(7) Accept moneys from federal programs that may be used for furtherance of the purposes of this subchapter.
(c) The members of the Graduate Medical Education Residency Expansion Board may receive expense reimbursement and stipends in accordance with § 25-16-901 et seq.
(d) The Division of Higher Education shall administer the Graduate Medical Education Fund under § 19-5-1265 and disburse the funds at the direction of the Graduate Medical Education Residency Expansion Board under this subchapter.