There is hereby created a political subdivision and public body corporate and politic of the Commonwealth to be known as the Richmond Metropolitan Transportation Authority, to be governed by a board of directors consisting of 16 members appointed as follows: five members to be appointed by the Board of Supervisors of Chesterfield County for terms of four years from the date of appointment; five members to be appointed by the Board of Supervisors of Henrico County for terms of four years from the date of appointment; four members to be appointed by the Mayor of the City of Richmond with the approval of the City Council of the City of Richmond (Council) for terms of four years from the date of appointment; one member of the Council appointed by the president of the Council for a term of four years from the date of appointment; and one ex officio member from the Commonwealth Transportation Board to be appointed by the Commissioner of Highways. Any of the three localities may, in its discretion, appoint as one of its Board members an elected officeholder who is a member of the governing body of that locality. Vacancies in the membership of the board of directors shall be filled in the same manner as the original appointment for the unexpired portion of the term. The board of directors so appointed shall enter upon the performance of its duties and shall initially and annually elect a chairman and a vice-chairman from its membership and shall also elect annually a secretary or secretary-treasurer, who need not be a member of the board of directors. The chairman, or in his absence the vice-chairman, shall preside at all meetings of the board of directors, and in the absence of both the chairman and vice-chairman, the board of directors shall elect a chairman pro tempore who shall preside at such meetings. Nine directors shall constitute a quorum, and all action by the board of directors shall require the affirmative vote of a majority of the directors present and voting. The members of the board of directors shall be entitled to reimbursement for expenses incurred in attendance upon meetings of the board of directors or while otherwise engaged in the discharge of their duties, and each member shall also be paid the sum of $50 per day for each day or portion thereof during which he is engaged in the performance of his duties. Such expenses and compensation shall be paid out of the treasury of the Authority in such manner as shall be prescribed by the Authority. No member of the Board shall receive health insurance, dental insurance, retirement benefits, or other such benefits as compensation for his service on the Board.