(1) The members of the board of directors shall receive as compensation for their services, in attending to their duties as directors, fifty cents (50¢) per hour for the time actually consumed in attending to their duties, but not to exceed twenty-five (25) hours in any one (1) month.
(2) They shall also receive their actual expenses paid out or incurred on account of attending to their duties as directors. The account for time and expense shall be kept, made out and sworn to, and filed with the county clerk before payment is made.