(1) The board shall elect a chair and a secretary from its own members.
(2) The board shall hold one (1) regular meeting in each year and such additional meetings at such times and places as it may determine.
(3) Each member of the board shall receive one hundred dollars ($100) per diem when actually engaged in the discharge of official duties and, in addition, shall be reimbursed for all travel and other necessary expenses. All expenses shall be claimed and paid in accordance with prevailing travel regulations as promulgated by the department of finance and administration and approved by the attorney general and reporter.