Board of directors; appointment; terms; expiration of term; compensation and expenses.

Sec. 15. (1) The board of directors shall be appointed for staggered terms as prescribed by an ordinance of the municipality. (2) A director whose term of office has expired shall continue to hold office until the chief executive officer appoints the director's successor, with the approval of the municipality's governing body. (3) A director shall serve without compensation, but may be reimbursed for the actual expenses incurred in the performance of his or her official duties.