(a) A majority of the board shall constitute a quorum and the board shall act by vote of majority present at any meeting attended by a quorum, and vacancies in the board shall not affect its power and authority so long as a quorum remains.

(b) Within ten (10) days after appointment and qualification of members, the board shall hold a meeting to elect a chair. The board shall, at the same time, designate a secretary and treasurer, or secretary-treasurer, who need not be members of the board, and fix the amount of the surety bond that shall be required of such secretary and treasurer, or secretary-treasurer, and shall fix the compensation for such person or persons.

(c) The board shall hold public meetings at least once per month, at such regular time and place as the board may determine. Changes in such time and place of meeting shall be made known to the public as far in advance as practicable.

(d) The board shall establish its own rules of procedure, except as otherwise expressly provided.

(e) All members of the board shall serve as such without compensation, but they shall be allowed necessary traveling and other expenses while engaged in the business of the board, including an allowance not to exceed two hundred dollars ($200) per month for attendance at meetings. On or after July 1, 2011, the allowance may be increased to an amount not to exceed three hundred dollars ($300) per month for attendance at meetings. Such expenses, as well as the salaries of the secretary and treasurer, or secretary-treasurer, shall constitute a cost of operation and maintenance of the electric plant.

(f) All members of the board shall receive an additional allowance not to exceed twenty-five dollars ($25.00) per month for attendance at meetings for each additional utility system over which the board has jurisdiction as provided in §§ 7-52-111, 7-52-401 and 7-52-601 and the total allowances provided in this subsection (f) shall not exceed a maximum allowance of one hundred dollars ($100) per month. On or after July 1, 2011, the additional allowance may be increased to an amount not to exceed fifty dollars ($50.00) for each additional utility system and a maximum allowance not to exceed one hundred fifty dollars ($150) per month. Such additional allowances shall constitute a cost of operation and maintenance of the utility systems.

(g) Additionally, the municipality may provide health insurance coverage for each member of the board and may pay the health insurance premiums for such coverage in the same manner as if the member were a municipal employee. Payment of such premiums on behalf of such members shall constitute a cost of operation and maintenance of the electric plant.