(1) The commission shall:

    (a) Annually elect a chairperson, secretary, and treasurer from the members of the commission.

    (b) Meet not less often than once each calendar quarter and at any other time as set by the chairperson or requested by 4 or more members.

    (c) Receive and distribute funds, and make arrangements for financial affairs for these purposes including banking, accounting, and other services as needed.

    (d) Prepare an annual report that shall include a full description of all activities of the commission including a detailed financial statement certified by the auditor general or a certified public accountant appointed by the auditor general. The report shall be given to the governor and the director and made available to the affected producers.

    (2) Voting members of the commission shall receive $50.00 per day for each day spent in actual attendance at meetings of the commission and on other official activities approved by the commission, together with travel expense in accordance with standard travel regulations of the department of management and budget.

    (3) The commission may employ personnel and enter into other contracts as necessary to carry out the commission’s duties.

    (4) The commission may make annual appropriations to the national livestock and meat board of not more than 50% of the money collected under this act.

    (5) The commission may adopt procedures and promulgate rules necessary for the exercise of powers and the performance of duties under this act. The rules shall be promulgated pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, as amended, being section 24.201 to 24.315 of the Michigan Compiled Laws.