Each member of the board of public utilities shall give such bond, if any, as may be required by resolution of the governing body of the municipality and shall qualify by taking the same oath of office as required for members of such governing body.

A majority of the board shall constitute a quorum. The board shall act by vote of a majority present at any meeting attended by a quorum and vacancies in the board shall not affect its power and authority so long as a quorum remains. Within ten (10) days after appointment and qualifications of members, the board shall hold a meeting to elect a chairman. The board shall at the same time designate a secretary and treasurer, or secretary-treasurer, who need not be members or a member of the board, and shall require such secretary and treasurer, or secretary-treasurer, to give bond, with sufficient surety, to be payable, conditioned and approved as provided by law, in a penalty equal to Twenty-five Thousand Dollars ($25,000.00), and shall fix their or his compensation. The board shall hold public meetings at least once each month, at such regular time and place as the board may determine. Changes in such time and place of meeting shall be made known to the public as far in advance as practicable. Save as otherwise expressly provided, the board shall establish its own rules of procedure. All members of the board shall serve as such without compensation, but they shall be allowed necessary traveling and other expenses while engaged in the business of the board, including allowance of not to exceed Five Dollars ($5.00) per month for attendance at meetings. Such expenses as well as the salaries of the secretary and treasurer, or secretary-treasurer, shall constitute a cost of operation and maintenance of the electric plant.

Any member of the board may be removed from office for cause upon a vote of three-fourths (¾) of the members of the governing body of the municipality, but only after preferment of formal charges by resolution of a majority of the members of such governing body at a public hearing before such governing body.