[§304A-3002]  Board of directors;
composition.  The affairs of the research corporation shall be under the
general management and control of the board of directors.  The board of
directors shall consist of ten members.  Five members of the board of regents
of the University of Hawaii, selected by the board of regents, shall be members
of 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 of
regents.  The remaining five members shall be appointed by the governor
pursuant to section 26-34.  All the members appointed by the governor shall
serve for a term of four years, except that the governor may reduce the terms
of those initially appointed so as to provide, as nearly as can be, for the
expiration of an equal number of terms at intervals of one year, each term
commencing on July 1 and expiring on June 30.  All members of the
board of directors shall serve without pay, but shall be entitled to reimbursement
for necessary expenses while attending meetings and while in the discharge of
duties and responsibilities.



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