Organization and officers of boards of regents -- Expenses

At the first meeting of the board of regents following an appointment of a new member, unless the member was appointed to serve the remainder of an unexpired term, there shall be elected a vice chairperson and a secretary for the board. Each board shall appoint a treasurer, and such officers as it deems necessary, but no member of any of the boards shall be appointed treasurer. No member of any board shall draw any salary for his or her services, but shall be reimbursed for necessary expenditures made in going to and from each meeting of the board and for other legitimate expenses, except a member who resides outside the Commonwealth shall not be reimbursed for out-of-state travel. The expenses shall be paid out of the funds of the appropriate institution.