Board of directors; duties.

The board shall provide the authority with the private-sector perspective of a large marketing enterprise and shall make every effort to exercise sound and prudent business judgment in its management and promotion of the lottery. It is the duty of the board to: A. adopt all rules, policies and procedures necessary for the establishment and operation of the lottery; B. maximize the revenue for the public purposes of the New Mexico Lottery Act and to that end assure that all rules, policies and procedures adopted further revenue maximization; C. appoint a chief executive officer, prescribe the chief executive officer's qualifications, duties and salary and set the salaries of the other officers and employees of the authority; D. approve, disapprove, amend or modify the annual budget recommended by the chief executive officer for the operation of the authority; E. approve or disapprove all procurements over seventy-five thousand dollars ($75,000); F. supervise the chief executive officer and the other officers and employees of the authority and meet with the chief executive officer at least once every three months to make and consider recommendations, set policies, determine types and forms of lottery games to be operated by the lottery and transact other necessary business; G. conduct, with the chief executive officer, a continuing study of the lottery and other state lotteries to improve the efficiency, profitability and security of the authority and the lottery; H. prepare quarterly and annual reports and maintain records as required under the New Mexico Lottery Act; I. pursue other matters necessary, desirable or convenient for the efficient and effective operation of lottery games, the continued entertainment and convenience of the public and the integrity of the lottery; and J. support problem gambling initiatives and provide information to players about where to obtain problem gambling assistance in New Mexico.