A. The board of medical student loans is established and consists of the following members:

1. Two members who are appointed by the governor and who are knowledgeable in the problems of health care in Arizona.

2. The director of the department of health services or the director’s designee.

3. One representative from each accredited medical school in this state who is appointed by the president or chief officer of that medical school.

B. The terms of members are four years beginning on the third Monday in January.

C. The board shall select a chairman and vice chairman and such other officers as it deems necessary.

D. Board members shall be compensated as determined pursuant to section 38-611.