The board shall meet quarterly for the purpose of transacting business as may properly come before the board. Special meetings of the board shall be held at such times as the board may provide in the bylaws the board may adopt. A majority of the then appointed board members shall constitute a quorum at a board meeting. A majority vote of a quorum of the board eligible to vote on a matter shall be required for any action taken by the board. Due notice of each meeting and the time and place thereof shall be given each member in such manner as the bylaws and applicable law may provide.