(1) The Arkansas Abstracters' Board is created.
(2) The board shall consist of five (5) members appointed by the Governor, subject to confirmation by the Senate, for a term of six (6) years.
(3) Two (2) members shall: Be actively involved in the making of abstracts of real estate titles in this state for a period of at least five (5) years before appointment; and
(4) Serve an initial term of six (6) years.
(5) Two (2) members shall: Be citizens of this state; and
(6) Serve an initial term of four (4) years.
(7) One (1) member shall: Be knowledgeable of the abstract business; and
(8) Serve an initial term of two (2) years.
(9) A vacancy on the board caused by death, resignation, or otherwise shall be filled by appointment of the Governor, subject to confirmation by the Senate.
(10) A member may be appointed to successive terms.
(11) No two (2) members shall be appointed from the same county.
(12) Each member shall serve without compensation.
(13) However, a member may be entitled to receive travel and expense reimbursement in accordance with § 25-16-901 et seq.