1Boards of trustees shall notify the State Board of Education of the appointment, suspension, or dismissal of presidents immediately upon such action. At the time the contract is issued, the board of trustees shall inform the president of duties and responsibilities, of the procedure by which performance shall be evaluated, and of the criteria for evaluation. The board shall evaluate the president annually. After completion of the evaluation and acceptance by the board of trustees, the notice of findings shall be submitted to the Chancellor of the Division of Community Colleges for review.