(1) Public agencies acting jointly pursuant to this section shall create a joint board which shall consist of members appointed by the governing body of each participating public agency.
(2) The number to be appointed, their term, and compensation, if any, shall be provided for in the joint agreement.
(3) Each joint board shall organize, select officers for terms to be fixed by the agreement, and adopt and amend, from time to time, rules for its own procedure.
(4) The joint board shall have power to plan, acquire, establish, develop, construct, enlarge, improve, maintain, equip, operate, regulate, protect, and police any airport or air navigation facility or airport hazard to be jointly acquired, controlled, and operated, and the board may exercise, on behalf of its constituent public agencies, all the powers of each with respect to the airport, air navigation facility, or airport hazard, subject to the limitations of § 14-361-121.