The governing body of the agency shall be a board, consisting of the members of the agency. The board shall elect a chairman from among its members at the first meeting of the board, and at its first meeting in each year thereafter. A majority of the members shall constitute a quorum for the purpose of organizing the agency, conducting its business and exercising all powers of the agency. A vote of the majority of the members present shall be sufficient for all actions of the board, unless the bylaws require a greater number.