(1) After organization, the board shall hold meetings at the call of the chairperson. The board shall adopt a schedule of regular monthly meetings and adopt a regular meeting date, place, and time. The chairperson shall call a special meeting upon request of 3 members of the board in the manner required by Act No. 267 of the Public Acts of 1976. The board shall keep a written or printed record of each meeting, which record and any other writing prepared, owned, used, in the possession of, or retained by the board in the performance of an official function shall be made available to the public in compliance with Act No. 442 of the Public Acts of 1976, being section 15.231 to 15.246 of the Michigan Compiled Laws. The board shall provide for a system of accounts to conform to a uniform system required by law and for the auditing at least once a year of the accounts of the treasurer by a competent certified public accountant. The board shall require of the treasurer a suitable bond by a responsible bonding company, the cost of the premium of bond to be paid for by the board. The board may appoint an executive director and shall adopt rules and policies governing professional work and services offered by airports and airport facilities under the board’s jurisdiction.

    (2) A board member or a person holding appointment by the board shall not be interested directly or indirectly in a contract entered into under the law. A board member shall not be subject to personal liability on account of liability of the authority.