A. The Board on Judicial Compensation shall meet on the third Tuesday of September in every odd-numbered year in the Administrative Office of the Courts, at which meeting the Board shall review the compensation paid to members of the State Judiciary and, if necessary, change the compensation. In its review, the Board shall consider various factors, including judicial compensation in other states, with an emphasis on states within the region, the value of comparable services performed in the private sector, compensation of attorneys in the private and public sectors, compensation of other state, county and municipal public officials, and changes in the cost of living. The Board may, at the call of the chair or upon a majority vote of its membership, hold such additional meetings as are necessary to carry out its official duties. Any change in judicial compensation shall be made by the Board not later than the third Tuesday of November in the odd-numbered year. Four members of the Board shall constitute a quorum and a majority vote of the quorum shall be necessary for the Board to act. If the Board recommends a change in judicial compensation, notice of such recommendation shall be provided to the Governor, the President Pro Tempore and the Chair of the Appropriations Committee of the Senate, and the Speaker and the Chair of the Appropriations and Budget Committee of the House of Representatives.

B. Any change in judicial compensation, unless rejected or amended as provided for in Section 3.2 of this title, shall become effective on July 1 of the following calendar year. Any amendment passed by a majority vote of each house of the Legislature shall become effective as provided by the amendment unless vetoed by the Governor.