(a) The business of the college, which includes the power to incur indebtedness, shall be managed by the board of directors. A majority of directors then in office shall constitute a quorum for the transaction of all business. The directors shall serve without compensation.
(b) (1) Directors shall serve 12-year terms.
(2) Notwithstanding paragraph (1), any director in office on January 1, 2023, who was not appointed by the Governor shall be limited to a six-year term from January 1, 2023, to January 1, 2029, inclusive.