A volunteer peace officers’ dependents fund board shall meet promptly after election of the board’s members and organize. The board shall select from among its members a chairperson and a secretary.

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The secretary of the board shall keep a complete record of the board’s proceedings, which shall be maintained as a permanent file.

Board members shall serve without compensation.

The legislative authority of the fund member shall provide sufficient meeting space and supplies for the board to carry out its duties.

The secretary shall submit all of the following to the director of commerce:

(A) The name and address of each board member and an indication of the group or authority that elected the member;

(B) The names of the chairperson and secretary;

(C) A certificate indicating the current assessed property valuation of the fund member that is prepared by the clerk of the fund member.