(a) A development corporation's affairs are governed by a board of directors composed of at least three individuals appointed by the sponsoring entity's governing body. Directors may be divided into classes.
(b) A director serves for a term of not more than six years. The terms of directors of different classes may be of different lengths.
(c) A director holds office for the term to which the director is appointed and until a successor is appointed and has qualified.
(d) The sponsoring entity's governing body may remove a director for cause or at any time without cause.
(e) A director serves without compensation but is entitled to reimbursement for actual expenses incurred in the performance of duties under this chapter.