A. The council shall:
(1) Receive and disburse funds, as prescribed elsewhere in this Part, to be used in administering and implementing the provisions and intent of this Part.
(2) Meet regularly, at least four times annually or by a special meeting called by a majority vote of the council.
(3) Maintain a permanent record of its business proceedings.
(4) Maintain a permanent and detailed record of its financial accounts.
(5) Prepare periodic reports and an annual report of its activities for the fiscal year.
(6) Prepare periodic reports and an annual accounting for the fiscal year of all receipts and expenditures of the council and shall retain a certified public accountant for this purpose.
(7) Appoint a licensed banking institution as the depository for program funds and disbursements.
(8) Maintain frequent communications with officers and industry representatives of the Cattlemen's Beef Promotion and Research Board.
(9) Establish reasonable rules and regulations for the operation and functioning of the council.
B. Six members of the council shall constitute a quorum for the purpose of conducting business.