(1) The governor, when the governor considers it necessary, may order an officer to appear before a board of examination. The board of examination consists of three officers, senior in rank to the officer whose fitness for service is under examination. The board may:
(a) inquire into the fitness for military service due to physical disability of an officer under 10-1-203 (1)(b);
(b) inquire into the moral character, capacity, and professional fitness of an officer in order to make a recommendation under 10-1-205 (2)(e).
(2) The board, under 10-1-203 (1)(b), may recommend the retention of the officer being examined or recommend the officer's retirement because of a physical inability to perform active service.
(3) The board, under 10-1-205 (2)(e), may recommend the discharge and the vacating of the officer's commission or warrant.
(4) The findings of the board become effective only upon the approval of the governor.