The powers of the Corporation shall be exercised by its Board of Directors. The Board of Directors consists of 11 directors elected by the members of the Corporation. Each director shall be a resident of this State. Each director serves for a term of 4 years and until a successor is chosen and qualifies. The terms of the directors shall be staggered as required by the terms provided for directors on July 1, 1988. If a vacancy occurs as to an elected director, the Board of Directors shall elect a successor to fill the vacancy until the next annual meeting of the members of the Corporation. At the annual meeting, the members of the Corporation shall elect a successor to serve for the rest of the term and until a successor is elected and qualifies. A majority of the full authorized membership of the Board of Directors is a quorum. Each director is entitled to reasonable compensation, as set by the Board of Directors with the approval of the Commissioner.