(1) If an agreement under Section 11-13-202 or 63N-23-901 does not establish an interlocal entity to conduct the joint or cooperative undertaking, the agreement shall, in addition to the items specified in Section 11-13-206, provide for:
(a) the joint or cooperative undertaking to be administered by:
(i) an administrator; or
(ii) a joint board with representation from the public agencies that are parties to the agreement;
(b) the manner of acquiring, holding, and disposing of real and personal property used in the joint or cooperative undertaking;
(c) the functions to be performed by the joint or cooperative undertaking; and
(d) the powers of the joint administrator.
(2) The creation, operation, governance, and fiscal procedures of a joint or cooperative undertaking are governed by this chapter.