Sec. 4. (a) The members may adopt the bylaws and rules that the members consider necessary for the proper conduct of their duties and the safeguarding of the funds entrusted to their care. A majority of the members constitutes a quorum, and the affirmative vote of a majority of the members appointed to the board is necessary to authorize any action.
(b) The members of the local board shall elect one (1) of the members as president and one (1) member as treasurer to perform the duties of those offices.