(a) A corporation's affairs are governed by a board of directors composed of at least three individuals appointed by the sponsor'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 sponsor'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.
(f) A director has the same immunity from liability as is granted under the laws of this state to a member of the sponsor's governing body if the director was acting in good faith and in the course and scope of the duties or functions within the corporation.