Each trustee is entitled to one vote on the Board of Trustees. A majority of the trustees then serving on the Board of Trustees is a quorum for: the transaction of any business; the exercise of any power; or the performance of any duty authorized or imposed by law. The Board of Trustees shall set the times and places of its meetings. A trustee: may not receive compensation from the several systems for service as a trustee; but is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.