(a) The board of directors shall hold an organizational meeting within 30 days following the commencement of the terms of the appointed members pursuant to subsection (c) of Section 45-2-42.01.
(b)(1) At the organizational meeting, the board of directors shall adopt bylaws and procedures not in conflict with this part or state law, to govern the conduct of the business and the affairs of the authority and the selection of officers.
(2) Upon adoption, the bylaws may only be amended by majority vote of the board of directors.
(c) Prior to the conclusion of the organizational meeting, the board of directors shall select a chair, a secretary, and any other officers deemed necessary within the bylaws, to each serve a term of one year. The terms of these officers shall commence upon adjournment of the organizational meeting.