(1) The president of the technical or community college shall serve at the pleasure of the local board.
(2) A person currently appointed and serving as a president of existing community colleges or a chancellor of a two-year branch of a four-year institution which might transfer to the Arkansas Technical and Community College System shall continue his or her terms of employment and shall have all rights and benefits of employment.
(3) When a vacancy occurs in the office of president of a technical or community college in the system, the local board shall select the new president.