The board shall have its principal office in Ada county. Four (4) members of the board shall constitute a quorum, a majority of whom may act. The board shall meet no less than three (3) times each year; provided, however, special meetings may be called at any time during the year after notice to all members of the board of such special meetings. The board shall elect annually a chair, a vice chair, a secretary and a treasurer from its members. The offices of secretary and treasurer may be in the same person. The members of the board shall be compensated as provided by section 59-509(i), Idaho Code.