Sec. 10. (a) Not later than thirty (30) days after the directors are appointed, and on the first Monday of each following February they shall hold a meeting for the purpose of organization. They shall elect the following officers from among their members:

(1) President.

(2) Vice president.

(3) Secretary.

(4) Treasurer.

The officers shall perform the duties usually pertaining to those offices. The officers serve from the date of their election until their successors are elected and qualified.

     (b) The directors may adopt bylaws and rules necessary for the proper conduct of their proceedings, the carrying out of their duties, and the safeguarding of the funds and property of the authority. In addition to the annual meeting, other regular and special meetings shall be held at the times that they determine and upon public notice that they fix, either by resolution or in accordance with the provisions of the bylaws. A majority of the directors constitutes a quorum. A majority is necessary to authorize any action.

As added by Acts 1982, P.L.218, SEC.5.