A Board member shall serve a term of 4 years, concurrent with the terms of the Mayor and the City Council and, at the end of a term, a Board member continues to serve until a successor is appointed and qualified. The members of the Board shall annually elect a chair from among the members of the Board. If there is a vacancy in the membership of the Board, the new member shall be appointed in the same manner as the previous member. The members of the Board shall receive no compensation for their services on the Board, but shall be reimbursed for the reasonable and necessary expenses incurred in the performance of their duties. The Board shall meet at least monthly. A majority of the members of the Board constitutes a quorum for the transaction of business. Any appointed member of the Board who fails to attend 4 consecutive meetings without good cause, as determined by the Mayor, shall be deemed to have resigned.