(a) Board members shall be chosen to represent each of the following segments or areas:
(1) Executive and Legislative Branches of state government, in the fields of education, finance, taxation, and ways and means, local government, or economic development.
(2) K-12 education, in some of the following fields: teaching, administration or supervision, curriculum, or governance.
(3) Higher education.
(4) Community leadership education.
(5) Youth leadership and citizenship education.
(6) Economic development.
(7) Local government.
(8) Community, civic, philanthropic, and other non-profit organizations.
(9) Historical, patriotic, veterans, and cultural organizations.
(10) The law, which may include the Judicial Branch.
(12) Professional, labor, and trade.
(13) Any other areas of interest which are deemed to complement and augment the work of the compact.
(b) The board shall meet annually immediately following the annual compact membership meeting. It shall adopt bylaws providing for its quorum, organization, and other regular or special meetings.