There is created the Board of Trustees for the Veterans' Trust Fund of South Carolina composed of eleven members. The board shall utilize the staff of the Veterans' Affairs Division in order to carry out its duties, as provided in Section 25-21-30. One member of the board of trustees must be the Director of the Veterans' Affairs Division or his designee. The Governor, with the advice and consent of the Senate, shall appoint individuals to fill the remaining positions on the board of trustees . Of the positions filled by gubernatorial appointment, four must be county veterans' affairs officers, five must represent veterans' service organizations, and one member must be selected at large. All members of the board of trustees must be United States armed forces veterans who were honorably discharged. The members of the board shall elect officers from among themselves as necessary.

Individuals appointed by the Governor shall serve at the pleasure of the Governor and may be removed by the Governor at any time. No member may serve more than eight continuous years.

Members of the board who are not full-time employees of the State of South Carolina or any of its political subdivisions may be paid per diem, mileage, and subsistence at rates established by the board, not to exceed standards provided by law for state boards, commissions, and committees. Per diem, mileage, and subsistence may be paid to members of the board only for travel and costs incurred due to meetings of the board.

A complete report of the activities of the Veterans' Trust Fund must be made to the General Assembly and State Auditor annually.