A. The state certification board consists of the attorney general, the director of water resources and the deputy director of the financial institutions division of the department of insurance and financial institutions.

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B. The board shall elect one of its members chairman, and appoint a secretary who shall keep the records and minutes of the board. One or more members of the board shall from time to time, as may be required, designate from the member’s regularly employed personnel the secretary and such clerks and assistants as are necessary to perform the duties of the board but without extra compensation.

C. The governor shall be an ex officio member of the board without additional compensation. The office of the board shall be at Phoenix, where records concerning all proceedings taken under this article shall be kept.

D. The board shall meet on a call of the chairman or on the written request of three of its members at a fixed time within official business hours, on not less than two days’ prior written notice, but notice may be waived in writing. Meetings may be recessed or adjourned from time to time without giving further notice and continuances may be granted for good cause. A majority constitutes a quorum and matters pending before the board shall be decided by majority vote. The board may adopt necessary rules of procedure and regulations for the conduct of its affairs and discharge of its duties under this article. Fees other than for necessary stenographic services, printing or publication may not be charged or collected from the applicant by the board.

E. The scope and subjects of the board’s examination, consideration and determination are confined to the matters prescribed and embraced in the record filed by the applicant in support of its application and its proposed bond issue, proof offered in respect thereto, and the adequacy, weight and sufficiency thereof to justify the proposed bond issue.