(1) Public agencies acting jointly pursuant to this part shall create a joint board, which shall consist of members appointed by the governing body of each participating public agency.
(2) The number of members to be appointed, and the length of term and compensation, if any, shall be provided for in the joint agreement.
(3) Each joint board shall organize, select officers for terms to be fixed by the agreement, and adopt and amend from time to time rules for its own procedure.
(4) The joint board has the power to plan, acquire, establish, develop, construct, enlarge, improve, maintain, equip, operate, regulate, protect, and police any airport or air navigation facility or airport hazard or navigation easement to be jointly acquired, controlled and operated, and such board may exercise, on behalf of its constituent public agencies, all the powers of each with respect to the airport, air navigation facility, airport hazard, or navigation easement, subject to the limitations of § 42-5-204.