The athletic commission of each county consists of five members to be appointed by the governing body of the county for terms of four years and until their successors are appointed and qualify. If no appointment has been made within sixty days after the State Athletic Commission requests in writing for an appointment to be made, the State Athletic Commission may make the appointment. The governing body of the county shall forward a record of the appointees to the commission for filing in the office of the State Athletic Commission which indicates the persons holding office and the duration of their terms. The State Athletic Commission shall designate the functions of county athletic commissions. The county athletic commission shall select its chairman and other officers to serve for terms as the commission may designate. All of the members shall serve without compensation from the State; however, they may receive the per diem, mileage, and subsistence or other compensation that the county authorizes or compensation authorized by the State Athletic Commission to be paid by a promoter if the member has been appointed a commission representative for an event. No member may have any financial interest, direct or indirect, in the promotion, management, or result of any boxing, wrestling, or sparring event. The office of a commissioner who fails to attend three consecutive commission meetings is declared vacant and the vacancy must be filled as provided by law. No vacancy occurs if the unaffected commission members vote unanimously to excuse the absences.