A. The board shall meet for the transaction of business not less than once each quarter-year at a place within the state it designates. The board may hold other meetings it deems advisable upon five days’ written notice of the time and place of the meeting, signed by the commissioner or a majority of the members of the board.

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B. A majority of the board shall constitute a quorum. A vacancy on the board shall not impair the rights or powers of the remaining members.