(a) The Board, with the advice and consent of the Governor, shall elect from its members a chair. The Board shall also elect from its members a vicechair and secretary. Each of the officers shall hold office for two years and shall be eligible for reelection.

(b) The Board shall serve without compensation except for expenses actually and necessarily incurred by them in the performance of their duties under this chapter.

(c) The Board shall adopt bylaws for the Corporation and may appoint a president and determine the president's compensation and duties. The Chair annually shall notify the Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate of the president's compensation.

(d) The Board may elect an executive committee to serve in the interval between meetings to transact such business of the Corporation as provided in the bylaws. (Added 1965, No. 198, § 4(c), (d), (f), (g); amended 1967, No. 131, § 3; 1989, No. 283 (Adj. Sess.), § 2; 2003, No. 86 (Adj. Sess.), § 7; 2013, No. 92 (Adj. Sess.), § 185, eff. Feb. 14, 2014.)