(1) The commissioners shall oversee the duties, powers and authorities of the commission.
(2) The commissioners shall elect a chairman and vice-chairman at its first meeting. Thereafter, the chairman and vice-chairman shall be elected during the first meeting of each calendar year. The commissioners shall meet at least once every three (3) months and at such times as may be called by the chairman. A majority of the commissioners shall constitute a quorum for the transaction of business, or for the exercise of any power.
(3) Each commissioner shall be compensated as provided in section 59-509(h), Idaho Code.