(a) A corporation must have a board in which the powers of the corporation reside.
(b) The board consists of three or more directors.
(c) The commission shall appoint each director for a term that may not exceed six years.
(d) The commission may remove a director for or without cause.
(e) A director serves without compensation but is entitled to reimbursement from the corporation for expenses incurred in the performance of the director's duties.