(1) The directors shall establish an Executive Committee of the Division of Science and Technology of the Arkansas Economic Development Commission, to be composed of the chair, the vice chair, the secretary, and two (2) additional members to be chosen by the chair from the remaining directors.
(2) The committee, in intervals between meetings of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission, may transact any business of the board that has been delegated to the committee.
(3) A majority of the committee may conduct business, and a favorable vote of three (3) members shall be deemed consent of the committee.