(a) Except as otherwise provided by a charter provision described by Section 254.021(c), an ordinance under Section 254.021(a) that places management and control of island property in a board may:
(1) specify the board members’ compensation;
(2) specify the members’ terms of office;
(3) specify the members’ powers and duties;
(4) provide for the election or appointment of the members’ successors; and
(5) specify any other matter relating to the members’ organization and duties.
(b) On any matter not covered by the ordinance or the municipal charter, the board is governed by the laws and rules governing the governing body of the municipality.