(a) An organizational meeting of the board shall be held annually at which time the board shall elect from its membership a president, a vice president and a secretary, who shall serve for one year or until their successors are duly elected. The board may meet at least once a month and at other times as the board, in consultation with the Commissioner of Professional and Occupational Affairs, deems desirable. Other meetings of the board may be called in accordance with rules and regulations promulgated by the board. Adequate public notice of the time and place of meetings of the board shall be given.

(b) Should a vacancy in the office of president, vice president or secretary of the board occur, the remaining members of the board shall fill such vacancy by election.

(c) The majority of the board shall constitute a quorum for the transaction of all business, but no action shall be taken at any meeting without the majority of the current board membership in accord.

(d) Each professional and public member of the board shall be paid reasonable traveling, hotel and other necessary expenses and per diem compensation at the rate of $60 for each day of actual service while on board business.