1. The Board shall:
(a) Advise the Executive Director concerning the governance and operation of the Exchange in accordance with the Federal Act;
(b) Adopt bylaws setting forth its procedures and governing its operations;
(c) Review the written fiscal and operational report described in paragraph (a) of subsection 5 of NRS 695I.380 before the Executive Director submits the report to the Governor and the Legislature;
(d) On or before December 31 of each year, prepare a report for the public summarizing the activities of the Board and the contributions of the Exchange to the health of the residents of Nevada during the previous year;
(e) Review the annual audit described in paragraph (c) of subsection 5 of NRS 695I.380;
(f) Submit all reports required by federal law to the appropriate federal agency and in a timely manner; and
(g) If the Federal Act is repealed or is held unconstitutional or otherwise invalid or unlawful, make recommendations to the Executive Director concerning the regulations described in paragraph (d) of subsection 5 of NRS 695I.380.
2. The Board may:
(a) Adopt regulations to carry out the duties and powers of the Exchange;
(b) Prepare special reports concerning the Exchange for the Governor, the Legislature and the public; and
(c) Make recommendations to the Executive Director concerning entering into contracts pursuant to paragraph (b) of subsection 3 of NRS 695I.380.
3. The Board is subject to Legislative and Executive Branch audits.