(a) The Committee annually shall elect in July a chairman and vice-chairman from among its members. A majority of the Committee constitutes a quorum, and the concurrence of a majority in any matter is required for its determination.

(b) The chairman and members of the Committee receive no compensation for their services on the Committee, but are entitled to expenses, including traveling expenses, necessarily incurred in the discharge of their duties on the Committee. The Committee shall be subject to an annual audit of the accounts of receipts and disbursements by the Legislative Auditor.