Public agencies acting jointly pursuant to Section 61-5-33 shall create a joint board which shall consist of members appointed by the governing body of each participating public agency. The number to be appointed, their term and compensation, if any, shall be provided for in the joint agreement. Each such joint board shall organize, select officers for terms to be fixed by the agreement, and adopt and amend from time to time rules for its own procedure. The joint board shall have power to plan, acquire, establish, develop, construct, enlarge, improve, maintain, equip, operate, lease, regulate, protect and police any airport or air navigation facility or airport hazard, or other airport property, real or personal, to be jointly acquired, controlled and operated and to lease any property, real or personal, inside or outside the boundaries of an airport or airport site as it may deem necessary to carry out its duties. Such board may exercise, on behalf of its constituent public agencies, all the powers of each with respect to such airport, air navigation facility or airport hazard, subject to the limitations of Section 61-5-39.