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(1) The term of a board member appointed under Subsection 11-58-302(2)(a), (b), (c), (e), (g), or (h) is four years, except that the initial term of one of the two members appointed under Subsection 11-58-302(2)(a) and of the members appointed under Subsections 11-58-302(2)(e) and (g) is two years.
(2) Each board member shall serve until a successor is duly appointed and qualified.
(3) A board member may serve multiple terms if duly appointed to serve each term under Subsection 11-58-302(2).
(4) A majority of board members constitutes a quorum, and the action of a majority of a quorum constitutes action of the board.
(5)
(a) A board member who is not a legislator may not receive compensation or benefits for the member's service on the board, but may receive per diem and reimbursement for travel expenses incurred as a board member as allowed in:
(i) Sections 63A-3-106 and 63A-3-107; and
(ii) rules made by the Division of Finance according to Sections 63A-3-106 and 63A-3-107.
(b) Compensation and expenses of a board member who is a legislator are governed by Section 36-2-2 and Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation.