(1) The powers of each local housing agency shall be vested in its commissioners in office. A majority of the commissioners shall constitute a quorum of the agency for the purpose of conducting its business and exercising its powers and for all other purposes. Except for any matter with respect to which the resolution or ordinance creating the agency or its bylaws requires a higher number or proportion of votes, action may be taken by the agency upon the vote of a majority of the commissioners present and voting.

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(2) Housing agencies that have twelve or more commissioners may, by resolution or bylaw, establish an executive committee of at least five commissioners. The committee shall have such powers over the management or operation of such housing agency as the commissioners of such agency shall specify and declare in the resolution establishing the executive committee.