(1) The salary of each member of a board of public utilities may be fixed by the board at not exceeding two thousand four hundred dollars ($2,400) per annum. (2) Such salaries, as well as the salary of the secretary -treasurer, shall constitute a cost of operation and maintenance of the electric plant. (3) The governing body of the municipality may, by resolution or ordinance, provide that the municipality shall not be liable for the payment of any salary or compensation of any of the members of said board, or f or the payment of the salary or compensation or expenses of any person employed by said board, and that such salaries, compensation and expenses and any and all liabilities, of whatever kind or character incurred by the board or any officer or employee the reof, shall be payable solely and only out of revenues obtained by said board under the provisions of KRS 96.560 to 96.900, and said liabilities shall then be so limited.
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