(1) The board shall elect a presiding officer from among its members.
(2) The board shall meet as necessary or as called by the presiding officer or a majority of the members.
(3) The board is allocated to the department of commerce for administrative purposes only as provided in 2-15-121.
(4) The administrative and operating expenses of the board must be paid from revenue deposited to the credit of the hard-rock mining impact trust account from the license tax on metal mines imposed under Title 15, chapter 37.