[§304A-3002]  Board of directors;composition.  The affairs of the research corporation shall be under thegeneral management and control of the board of directors.  The board ofdirectors shall consist of ten members.  Five members of the board of regentsof the University of Hawaii, selected by the board of regents, shall be membersof the board of directors for terms to be determined by the board of regents;provided that no term shall extend beyond the term as a member of the board ofregents.  The remaining five members shall be appointed by the governorpursuant to section 26-34.  All the members appointed by the governor shallserve for a term of four years, except that the governor may reduce the termsof those initially appointed so as to provide, as nearly as can be, for theexpiration of an equal number of terms at intervals of one year, each termcommencing on July 1 and expiring on June 30.  All members of theboard of directors shall serve without pay, but shall be entitled to reimbursementfor necessary expenses while attending meetings and while in the discharge ofduties and responsibilities.

The members of the board of directors shallelect the chairperson of the board. [L 2006, c 75, pt of §2]