(1) The board shall meet within sixty (60) days after appointment of its members. The board shall hold at least two (2) regular meetings each year. Special meetings may be held at any time as provided in the rules and regulations of the board. The board shall provide notice of its meetings.
(2) The board shall elect annually from its membership a president and vice president. The president or vice president shall not hold that office for more than two (2) consecutive annual terms.
(3) A majority of the board shall constitute a quorum.
(4) The board shall keep a record of its proceedings.