Mich. Comp. Laws § 259.141

Sec. 141. (1) After organization, a board shall adopt a schedule of regular meetings and adopt a regular meeting date, place, and time. The board shall meet not less than quarterly. A special meeting of the board may be scheduled as provided in the bylaws of the regional authority, but the board chairperson shall call a special meeting on request of 2 or more board members. (2) A board shall appoint an audit committee consisting of at least 2 members of the board. The audit committee shall meet not less than annually with the chief financial officer, the chief executive officer, and the independent auditors of the regional authority to review reports related to the financial condition, operations, performance, and management of the regional authority and airport.