(a) Except as provided in this Code section, the only person capable of representing a minor or legally incompetent claimant entitled to workers' compensation benefits shall be a guardian duly appointed and qualified by the probate court of the county of residence of such minor or legally incompetent person. Said guardian shall be required to file with the board a copy of the guardianship returns filed annually with the probate court and give notice to all parties within 30 days of any change in status.

(b) The board shall have authority in and shall establish procedures for appointing temporary guardians for purposes of administering workers' compensation rights and benefits without such guardian becoming the legally qualified guardian of any other property, without such guardian's actions being approved by a court of record, and without the posting of a bond, in only the following circumstances:

(1) The board may, in its discretion, authorize and appoint a temporary guardian of a minor or legally incompetent person to receive and administer weekly income benefits on behalf of and for the benefit of said minor or legally incompetent person for a period not to exceed 52 weeks unless renewed or extended by order of the board;

(2) The board may, in its discretion, authorize and appoint a temporary guardian of a minor or legally incompetent person to compromise and terminate any claim and receive any sum paid in settlement for the benefits and use of said minor or legally incompetent person where the net settlement amount approved by the board is less than $25,000.00; and

(3) If a minor or legally incompetent person does not have a duly appointed representative or guardian, the board may, in its discretion, appoint a guardian ad litem to bring or defend an action under this chapter in the name of and for the benefit of said minor or legally incompetent person to serve for a period not to exceed 52 weeks, unless renewed or extended by order of the board. However, no guardian ad litem appointed pursuant to this Code section shall be permitted to receive the proceeds from any such action except as provided in this Code section and the board shall have the authority to determine compensation, if any, for any guardian ad litem appointed pursuant to this Code section.