(1) The board shall meet at least once a year at times and places to be designated by the board and upon such notice as the board may prescribe. At its first meeting each calendar year, the board shall elect a chairman, vice chairman, and secretary- treasurer, each to serve in his respective capacity for one (1) year.
(2) Fees, charges, and other moneys collected by the board shall be paid into the State Treasury and credited to a trust and agency fund to be used to pay expenses in administering this chapter. All moneys shall be received, disbursed, and accounted for by the board or its designee. All moneys not expended by the board to pay expenses in administering this chapter shall be retained by the board from year to year to be expended for the purposes expressed in this chapter.
(3) Each member of the board shall be paid a reasonable sum, not to exceed one hundred dollars ($100) per day, for each day of actual service on the board and shall be reimbursed all reasonable and necessary travel expenses.