(a)

(1) The authority shall be governed by a board of directors in which all powers of the corporation shall be vested. The membership of the board shall include the following:

(A) For each county that chooses to be a participating municipality in accordance with § 64-6-104(a), the county mayor or a designee of the county mayor of that county;

(B) The mayor or the designee of the mayor in an incorporated municipality that chooses to be a participating municipality in accordance with § 64-6-104(a);

(C) The two (2) speakers of the respective houses acting jointly after consultation with the members whose districts lie within the participating counties shall appoint one (1) member;

(D) The governor, after consultation with the mayors of the participating municipalities, shall appoint one (1) member; and

(E) The chancellor of the board of regents shall appoint one (1) member from the presidents of the community colleges that have a campus within the participating counties.

(2) For the purposes of calculating terms, members serving on a board as of January 1, 2013, shall serve until December 31, 2014. At the conclusion of such terms:

(A) Each regular term of the board member appointed jointly by the speakers beginning January 1, 2015, shall be two (2) years, to be coterminous with the terms of office of the speakers;

(B) Each regular term of the board member appointed by the governor beginning January 1, 2015, shall be four (4) years, to be coterminous with the term of office of the governor; and

(C) Each regular term of all other board members appointed in accordance with this subsection (a) beginning January 1, 2015, shall be for three (3) years.

(3) Board members shall serve until their successors are appointed. If a vacancy occurs on the board, the remainder of the term shall be filled by the respective appointing authorities in accordance with this subsection (a).

(4) Any board created pursuant to this subsection (a) shall cease to exist upon the completion of the sale of a megasite governed by such board.

(b) The directors shall serve without compensation, except that they shall be reimbursed for their actual expenses incurred in and about the performance of their duties, unless otherwise authorized by local ordinance or resolution.

(c)

(1) The board shall elect such officers and adopt such bylaws as deemed appropriate.

(2) The board may elect an executive committee from among its members, which may act on behalf of the board between regular board meetings.

(d) A director who can designate a representative shall make the designation in writing, addressed to the chair of the authority specifying the meeting for which the designation is effective, to be filed in advance of the meeting.