(a) The Graduate Medical Education Residency Expansion Board shall serve a single term of three (3) years and be composed of the following members:

1. (1) One (1) representative appointed by the Governor from each medical school institution in Arkansas that has received certification from the Arkansas Higher Education Coordinating Board under Arkansas Code § 6-61-301 et seq., to offer studies leading to a Doctor of Medicine degree or Doctor of Osteopathic Medicine degree;
2. (2) One (1) physician member appointed by the Governor, giving preference to a physician who has received a rural medical practice loan, a community match loan, or an income incentive;
3. (3) One (1) representative from a hospital in Arkansas who shall be appointed by the Speaker of the House of Representatives;
4. (4) One (1) representative from a hospital in Arkansas who shall be appointed by the President Pro Tempore of the Senate; and
5. (5) One (1) representative appointed by the Governor based on the recommendation from the Accreditation Council for Graduate Medical Education-designated sponsoring institution in this state that has the largest number of residency positions approved by the Accreditation Council for Graduate Medical Education.

(b) The Graduate Medical Education Residency Expansion Board shall be responsible for:

1. (1) Prescribing forms for and regulating the submission of grant applications;
2. (2) Determining the eligibility of applicants;
3. (3) Managing, operating, and controlling all funds and property appropriated or otherwise contributed for this purpose;
4. (4) Accepting gifts, grants, bequests, or devises and applying them as a part of the program;
5. (5) Suing and being sued as the Graduate Medical Education Residency Expansion Board; and
6. (6) Accepting money from federal programs that may be used for furtherance of the purposes herein.