(a) The commission shall make, and may from time to time amend, rules for the administration of the powers granted to it by this article. The commission shall organize by electing from among its members a chairperson who shall serve as such for a period of two years. The chairperson is authorized to sign documents, execute contracts, and otherwise act for and in the name of the commission in all matters within the lawful powers of the commission and authorized by a majority of its members.

(b) The commission shall determine the number, date, and place of its regular meetings, but at least one meeting shall be held annually at the commission"s established offices in the city of Charleston. Whenever the convenience of the public or of interested persons may be promoted, or delay or expense may be prevented, the commission may hold meetings at any other place designated by it.

(c) The commission shall report in writing to the Governor on or before August 31 of each year. The report shall contain a summary of the commission"s proceedings during the preceding fiscal year, a detailed and itemized statement of all revenue received, and all expenditures made by or on behalf of the commission, such other information which may be necessary or useful, and any additional information which may be requested by the Governor. The fiscal year of the commission shall conform to the fiscal year of the state.

(d) An office shall be established and maintained by the commission in the city of Charleston.