The board shall elect from its membership a chairman, vice chairman, and secretary-treasurer, and shall adopt rules and regulations to govern its proceedings. Each member shall receive, as compensation for the member’s services, an amount agreed upon by the board but not to exceed that of other state boards. All members must be allowed necessary travel expenses, as may be approved by the board, which are payable in the same manner as travel expense of other state officials. The board may employ and fix the compensation and duties of necessary personnel to assist it in the performance of its duties.