1. The board shall hold a regular annual meeting at a place designated by the board and special meetings when necessary. The board shall elect from its members:
a. A president;
b. A president-elect; and c. A secretary-treasurer.
2. Each member of the board shall receive as compensation for each day actually engaged in the duties of the office per diem at a rate established by the board and reimbursement for expenses as provided in section 54-06-09 while attending meetings of the board. The executive director may be paid an annual salary in an amount determined by the board.