(1) There is a board of directors of the Montana self-insurers guaranty fund.
(2) The board consists of five members who are representatives of private self-insurers and who shall serve staggered 4-year terms.
(3) Board members are elected by the members of the fund, with each member having one vote.
(4) Board members may be reimbursed from the assets of the fund for the actual expenses incurred in connection with their duties as board members.