(1) The Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission shall meet at least one (1) time during each calendar quarter and at such other times as may be provided in the rules of the Arkansas Economic Development Commission, upon call by the chair, or upon written request of a majority of the directors.
(2) A majority of the directors shall be necessary to transact business of the board, and all actions of the directors shall be by a majority vote of the full number of the members of the board.