§386A-4 Number, appointment, term. (a) The board shall be composed of five directors, whose term of office shall be five years, and each director shall hold office until the appointment and qualification of the director's successor.
(b) The terms of the first five directors, who shall be appointed by the governor, upon the fund becoming operational as provided in section 386A-12, shall expire as follows:
Thereafter, each director shall be appointed for a term of five years.
Upon the payment in full of the loan from the State and all interest thereon, the unexpired terms of the appointed directors shall expire, and the fund's policyholders shall be entitled to elect all of the directors. Any other law to the contrary notwithstanding, the selection and composition of the board of directors as provided in this section shall be deemed adequate to qualify the fund as a mutual insurer under chapter 431.
(c) A vacancy on the board shall be filled by appointment of the governor in the case of vacancies in positions formerly occupied by the governor's appointee, or by election by the fund's policyholders in the case of positions formerly occupied by a director elected by the fund's policyholders. The person appointed to fill a vacancy shall serve for the remainder of the term of the person's predecessor.
(d) Each director shall receive necessary traveling and board expenses incurred in the performance of duty as a director and a fee of $100 for each day of actual attendance at board meetings, but not to exceed $500 a month.
(e) Within one year after appointment, each director shall be a policyholder or an employee of a policyholder of the fund and shall continue in such status during the director's term of office.
No person who has any interest as a stockholder, employee, attorney, or contractor of a competing insurance carrier shall be a director.
(f) The board shall determine the content and sale of workers' compensation insurance policies.
(g) The board shall discharge its duties:
(h) Except as otherwise provided by law, the fund may: