The members of the commission shall meet and annually elect one of their number as chairperson, another as vice-chairperson, and another as secretary. The chairperson shall be the chief executive officer of the commission. Five (5) members shall be necessary for any action taken by the commission. No vacancy in the membership of the commission shall impair the right of a quorum to exercise all of the rights and perform all of the duties of the commission. Meetings of the commission shall be held at stated times, and upon one week’s notice, in writing, at the call of the chairperson. The members of the commission shall serve without compensation.