(a)
The board shall conduct its initial meeting as soon as possible after incorporation.
(b)
The board shall meet as often as required, but at least twice per year.
(c)
Members of the board shall attend at least 50 percent of all duly convened meetings of the board in a calendar year. A member who fails to attend at least 50 percent of all duly convened meetings of the board in a calendar year forfeits membership on the board. The vacancy shall be filled pursuant to Section 71533.
(d)
Members of the board shall receive no salary but members appointed pursuant to subdivisions
(c) to (e), inclusive, of Section 71531 shall be paid one hundred dollars ($100) per day for each meeting and shall be reimbursed for all necessary travel expenses.
(e)
The Ocean Protection Council shall provide staff services that the endowment board needs to carry out its duties pursuant to this division.