(1) The board shall organize by the election of one (1) of its members as chairman and one (1) of its members as vice chairman. Officers of the board shall be elected annually for terms of one (1) year at a regular meeting of the board, but the same person may not hold the office of chairman more than three (3) years in succession.
(2) The board shall meet at least annually to conduct its business and perform its duties, and shall meet at such other times as designated by the chairman or by request of two (2) or more members of the board.
(3) A majority of the board shall constitute a quorum for all purposes and the majority vote of the members voting shall constitute the action of the board.
(4) A complete record of all board proceedings shall be maintained.
(5) Members of the board shall be compensated as provided in section 59-509(b), Idaho Code.