(a)
(1)
(A) Each trustee shall be entitled to one (1) vote on the Board of Trustees of the Arkansas Local Police and Fire Retirement System.
(B) Three (3) votes shall be necessary for a decision by the trustees at any meeting of the board.
(2) Three (3) trustees, of whom at least one (1) shall be a member trustee and at least one (1) shall be an employer trustee, shall constitute a quorum at any meeting of the board.
(3) Unless otherwise expressly provided in this section, a meeting need not be called or held to make any decision on a matter before the board. Each member must be sent, by the Executive Director of the Arkansas Local Police and Fire Retirement System, a copy of the matter to be decided with full information from the files of the board. The concurring decisions of three (3) trustees may decide the issue by signing a document declaring their decision and sending the written instrument to the executive director, but only if no other trustee shall send a dissenting decision to the executive director within fifteen (15) days after the document and information were mailed to him or her. If any trustee is not in agreement with the three (3) trustees, the matter is to be passed on at a regular board meeting or a special meeting called for that purpose.
(4) Meetings of the board may be called by the chair or by a majority of the members in a manner established by the board.
(b)
(1) The board shall serve as trustees without compensation for their services as such.
(2) However, each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.
(c) Subject to the limitations of this chapter, the board shall formulate and adopt rules for the government of its own proceedings and for the administration of the system.
(d) The board shall elect one (1) of its members as chair and one (1) of its members as vice chair.