287.862.  Board of directors, members, appointment, qualifications — director to be member — terms, vacancies — expense reimbursement. — 1.  The board of directors of the corporation shall consist of eight members, one of whom shall, on a permanent basis, be the director of the division, and such board shall be organized as is established in the plan of operation under section 287.870.

  2.  With respect to initial appointments, the director of the division of workers' compensation shall act as a permanent member of the board, without voting authority, and shall appoint to the board initially seven additional persons, other than the director, who are qualified private sector self-insurers in this state required to be members of the corporation pursuant to the provisions of subsection 1 of section 287.860.

  3.  Two of such board members shall serve for two-year terms, ending no later than January 1, 1995, and three of such board members shall serve for three-year terms, ending no later than January 1, 1996, and two of such board members shall serve for terms of four years, ending no later than January 1, 1997.  Thereafter, all future members of the board shall be recommended for appointment to the board by members of the corporation in accordance with the procedures established in section 287.870 for the plan of operation for four-year terms, and shall serve as such members until their successors are appointed.  Each member shall serve no longer than two consecutive terms in office.

  4.  Any vacancy in the office of any member of the board shall occur upon the member's resignation, death or conviction of a felony.  The board, by majority vote, may also remove any member from office upon a finding of incompetence, neglect of duty or malfeasance in office.  Within thirty days after the office of any member becomes vacant for any reason, the members of the board shall fill that vacancy for the unexpired term in the same manner as that in which appointments, other than initial appointments, are made.

  5.  The director and every member of the board shall receive no remuneration for such services but shall be reimbursed for any expenses incurred in carrying out the duties of the board on behalf of the corporation.

  6.  All other matters pertaining to the selection and tenure of office of any member of the board shall be set forth in the plan of operation and the applicable rules and regulations that may be hereinafter enacted.