A. The authority shall be governed by a board of directors, consisting of five members to be appointed by the governor, giving due consideration to a diverse geographical representation on the board, and to serve at the pleasure of the governor.

B. Excluding reappointment, before appointment by the governor, a prospective member of the board of directors shall submit a full set of fingerprints to the governor for the purpose of obtaining a state and federal criminal records check pursuant to section 41-1750 and Public Law 92-544. The department of public safety may exchange this fingerprint data with the federal bureau of investigation.

C. Each member shall serve for a term of three years. Vacancies occurring other than by expiration of term shall be filled in the same manner for the remainder of the unexpired term. If a term expires and a member has not been reappointed or replaced by a newly appointed member, the member may continue to serve until reappointment or until a replacement is appointed.

D. The board shall annually elect from among its members a chairperson, a secretary and a treasurer.

E. The board rules shall provide for regular annual meetings of the board. The chairperson may call a special meeting at any time. The board rules shall provide for a method of giving notice of a special meeting.

F. The board may meet by audioconference or videoconference. The requirements of Title 38, Chapter 3, Article 3.1 apply to an audioconference or videoconference, except that all votes of members must be by roll call.

G. Members of the board are not eligible to receive compensation but are eligible to receive reimbursement for necessary expenses pursuant to Title 38, Chapter 4, Article 2 while engaged in the performance of the members’ duties.

H. Members of the board may not have any direct or indirect personal financial interest in any project financed by the Arizona finance authority or the Arizona industrial development authority or otherwise under this article.