(a) The directors shall meet and organize as a board and shall elect one (1) of its members as chair, one (1) as vice chair, one (1) as secretary and one (1) as treasurer, and such officers shall annually be elected thereafter in like manner. The duties of secretary and treasurer may be performed by the same director. In the absence of any of the chair, vice chair, secretary or treasurer, another member may be elected to fill the vacancy for the anticipated term thereof. Any action taken by the directors under this chapter may be authorized by resolution at any regular or special meeting, and such resolution shall take effect immediately and need not be published or posted. A majority of the board of directors shall constitute a quorum for the transaction of business. The concurring vote of a majority of all the directors shall be necessary for the exercise of any of the powers granted by this chapter.

(b) Any vacancy on the board shall be filled for the unexpired term by the same governing body which filled the position becoming vacant. Any member appointed to the board may, for reasonable cause, be removed from such member's office in the same manner and by the same governing body as such member was appointed to the office; provided, that such removal shall be preceded by a full hearing before the remaining members of the board after adequate notice of such hearing, and a report of such hearing shall be forwarded to such appointing authority. “Reasonable cause” includes, but shall not be limited to, misconduct in office, failure to perform duties prescribed by this part, part 8 of this chapter or other applicable law, or failure to diligently pursue the objectives for which the authority was created.