During the time any such Project is encumbered by the pledge of its revenues, the resolution authorizing the bonds or the Indenture may vest its management and control in a Board of Trustees, to be named in such resolution or Indenture, consisting of three members, or maybe a corporation organized for such purpose. The compensation of the members of such board of trustees shall be fixed by such resolution or Indenture, but shall never exceed one percent (1%) of the gross receipts of such Project in any one (1) year. The terms of office of the members of such board of trustees, whether individuals, or the corporation referred to their powers and duties, and manner of exercising same the manner of the selection of their successors, and all matters pertaining to their duties and the organization of such board of trustees shall be specified in such resolution or Indenture. Any such board of trustees may adopt bylaws regulating the procedure of the board and fixing the duties of its officers, but the bylaws shall not contain any provision in conflict with the covenants and provisions contained in the resolution authorizing the bonds or the Indenture. In all matters wherein the resolution or Indenture are silent as to the powers, duties, obligations and procedure of the board, the laws and rules governing the governing body of such independent school district shall control the board of trustees in so far as applicable. The board may be granted by the resolution or Indenture, and in that event shall have, all or any of the powers and authority, which could be exercised by the governing body of the independent school district, insofar as the management and operation of any such Project is concerned.

Laws 1947, p. 517, § 5.