The powers of the authority shall be exercised by a governing body consisting of the members of the authority acting as a board. Within ninety days after this act shall become effective, the board shall meet and organize by electing from their number a president, a treasurer and a secretary. At the first regular meeting in each year thereafter they shall elect from their number a president, a secretary and a treasurer.

Five members shall constitute a quorum of the board for the purpose of organizing the authority and conducting the business thereof, and for all other purposes, and all action shall only be taken by vote of a majority of the members of the authority, unless in any case the bylaws shall require a larger number: Provided, That any action which may be taken at a meeting of the board may be taken without a meeting after public announcement of the proposed action shall have been made, if a consent in writing setting forth the action so taken shall be signed by all members of the board, and shall be filed with the secretary of the authority. The board shall have full authority to manage the properties and business of the authority, to prescribe, amend and repeal bylaws, rules and regulations governing the manner in which the business of the authority may be conducted, and the powers granted to it may be exercised and embodied. The board shall fix and determine the number of officers, agents and employes of the authority and their respective compensation and duties, and may delegate to one or more of their number, or to one or more of said officers, agents or employes, such power and duties as it may deem proper.