All members appointed to the joint legislative oversight committee shall serve for a term as provided by the legislative council. The committee shall meet no later than thirty (30) days after appointment by the legislative council for the purpose of organizing the committee. A chairman and cochairman shall be appointed by the legislative council and shall be from different houses of the legislature and from different political parties. Actual and necessary expenses and per diem shall be allowed as provided by the legislative council and shall be paid from the legislative account.