(1) (a) There is created a Legislative Oversight and Investigations Committee which shall be a permanent standing committee of the General Assembly, consisting of eight (8) members of the Senate, six (6) of whom shall be appointed by the President and two (2) of whom shall be appointed by the Minority Leader of the Senate, and eight (8) members of the House of Representatives, six (6) of whom shall be appointed by the Speaker and two (2) of whom shall be appointed by the Minority Leader of the House of Representatives. At least one (1) appointee by each appointive authority shall be a member of the Senate or House Standing Committee on Appropriations and Revenue.
(b) The members of the Legislative Oversight and Investigations Committee shall be appointed in January of each odd-numbered year for a two (2) year term.
(c) Any vacancy that may occur in the membership of the committee shall be filled within thirty (30) days of occurrence, in the same manner as the original appointment, and for the balance of the vacated member's term.
(2) The President and the Speaker shall each appoint a co-chair and vice chair from their respective bodies. The co-chairs shall have joint responsibilities for committee meeting agendas and presiding at committee meetings. On an alternating basis, each co-chair shall have the first option to set the monthly meeting date. A monthly meeting may be canceled by agreement of both co-chairs. A majority of the entire membership of the Legislative Oversight and Investigations Committee shall constitute a quorum, and all actions of the committee shall be by vote of a majority of its entire membership.
(3) Each member of the committee shall receive the same travel allowances and compensation for attending interim meetings of the committee as are received by members of subcommittees of the Legislative Research Commission under KRS 7.090(3).