Section 99. There shall be a board, to be known as the boxers’ fund board, hereinafter called the board, to consist of the commissioner of public safety, or if he so elects may designate a member of the boxing commission, the state treasurer, and three members to be appointed by the governor, with the advice and consent of the council, at least one of whom shall be a former professional boxer. The members shall serve without compensation but shall receive their necessary expenses incurred in the discharge of their official duties. The chairman of the board shall be designated from time to time by the governor. Upon the expiration of the term of a member appointed by the governor, his successor shall be appointed in the same manner for a term of three years. Said board shall establish rules and regulations for eligibility for payments from the boxers’ fund and may revise the same from time to time. Said rules and regulations shall provide that no person shall be eligible to receive benefits from such fund unless he has boxed within the commonwealth under a license issued under the provisions of section thirty-five and unless he has been a resident of the commonwealth for at least three years prior to his application for payments from said fund.