The governing body may elect all officers, agents, engineers, employees or committeemen necessary to be employed in the construction, maintenance and operation of any such system of transportation, define their duties, regulate their compensation, and provide for their removal. The governing body may make, ordain and establish all such ordinances, resolutions, rules and regulations as it may deem necessary and proper for the conduct of the business of transportation and for fixing and collecting all fares, rates and charges for services rendered therein.