Sec. 7. (a) Immediately after January 15 of each year, the development board shall hold an organizational meeting. It shall elect one (1) of the members of the development board president, another vice president, and another secretary-treasurer to perform the duties of those offices. These officers serve from the date of their election and until their successors are elected and qualified. The development board may elect an assistant secretary-treasurer.
(b) Special meetings may be called by the president of the development board or any two (2) members of the development board.
(c) A majority of the members constitutes a quorum, and the concurrence of a majority of the members is necessary to authorize any action.