(1) Each member of the board may be paid a salary not to exceed a per diem allowance to be fixed from time to time by ordinance of the board of aldermen, for each meeting attended, provided, however, that the annual allowance of any one (1) member of the board shall not exceed the maximum sum fixed by the ordinance of the board of aldermen in any one (1) fiscal year, and in addition thereto members shall be reimbursed for necessary travel and other expenses incurred in connection with their duties as members.
(2) The board shall hold at least one (1) regular meeting in each month and shall hold such additional meetings as may be necessary.
(3) The board shall keep full and complete minutes of its proceedings, which minutes shall, subject to reasonable regulations, be open to public inspection.
(4) The board shall elect a chairman and a vice chairman from its members, and the personnel director shall be the secretary-treasurer thereof.
(5) The board is authorized and empowered to employ such persons as may be necessary and proper for the efficient conduct of its activities hereunder. The board may fix the compensation to be paid such employees, in accordance with the schedule of salaries established, or that may be established, by ordinance.