By October 14, 1970, the board shall hold its first meeting and organize by electing a chairperson and vice-chairperson who are members of the board, and a secretary and treasurer who need not be board members and additional officers who need or need not be members of the board as the board considers necessary. The business which the board may perform shall be conducted at a public meeting of the board held in compliance with Act No. 267 of the Public Acts of 1976, being section 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976. The board may also adopt a corporate seal and appoint an executive committee, consisting of the chairperson and 1 member from each of the governmental units comprising the authority other than that represented by the chairperson to perform those duties as the board assigns. The members of the executive committee shall hold office during the pleasure of the board. Members of the board and executive committee shall serve without compensation from the authority, but shall be reimbursed by the authority for actual expenses incurred in the discharge of official duties. A simple majority of the board members shall constitute a quorum for the conduct of the business of the board. A simple majority of the full membership of the board shall constitute a legal majority on all voting issues before the board.