(1) The board shall elect annually from its membership a chair and vice chair. The board shall hold three (3) or more meetings each year. At any meeting a majority of the appointed members with unexpired terms shall constitute a quorum. The board may procure specialized consultation through the formation of such technical advisory committees as it may deem necessary in the execution of its responsibilities.
(2) Members of the board shall receive per diem compensation to be established by administrative regulation. This compensation shall not exceed one hundred twenty dollars ($120) per day. Members shall be reimbursed for actual and necessary expenses.