1. The Board shall:
(a) Elect a President, Vice President, Secretary and Treasurer from its membership; and
(b) Meet at least once each year on a date determined by the Board.
2. A majority of the members of the Board constitutes a quorum for the transaction of business of the Board.
3. The Board shall operate on the basis of a fiscal year commencing on July 1 and terminating on June 30.