Sec 36-483. Governing board; members; appointment; qualifications; terms; officers; meetings; compensation

A. The authority's governing board shall be a board of directors, which shall consist of seven members to be appointed by the governor pursuant to section 38-211. All members shall be residents of this state and not more than four shall be members of the same political party. Any member may be removed from the board for cause or at will by the governor with the consent of the senate.

B. Except for the term of the board members initially appointed, each member shall serve for a term of seven years. Of the members of the board first appointed, one shall be appointed for a term ending on the third Monday in January of 1976, and one each for terms ending one, two, three, four, five and six years thereafter. Vacancies occurring other than by expiration of term shall be filled in the same manner for the remainder of the unexpired term.

C. The initial board members shall organize the board for the transaction of business and consistent with provisions of title 41, chapter 6, shall adopt rules and regulations therefor. The board shall annually elect from among its members a chairman, a secretary and a treasurer.

D. The board rules and regulations shall provide for regular annual meetings of the board. The chairman may call a special meeting at any time. The board rules and regulations shall provide a method of giving notice of special meeting.

E. Each member of the board shall receive fifty dollars for each board meeting attended and shall be paid any necessary expenses while engaged in the performance of his duties but shall receive no other compensation.