(1) The director shall receive compensation prescribed by law, as provided in section 8(a) of Act No. 380 of the Public Acts of 1965, as amended, being section 16.108 of the Michigan Compiled Laws.

    (2) The director shall not engage in any business, vocation, or employment other than his office, as provided in section 8(b) of Act No. 380 of the Public Acts of 1965, as amended.