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 (90) days after this act shall become effective, the board shall meet and organize. The Secretary of Commerce and his successor in office shall be the chairman and chief executive officer and the Board shall elect a secretary and treasurer from their number. At the first meeting in each year thereafter, they shall elect from their number a secretary and treasurer.

A majority of the members shall constitute a quorum of the board for the purpose of organizing the Authority and conducting the business thereof, and, except in the instance of loan applications, all action may be taken by a vote of a majority of the members present, unless in any case the by-laws shall require a larger number; approval or rejection of loan applications shall be by a majority vote of the full membership of the board.

The board shall have full authority to manage the properties and business of the Authority, and to prescribe, amend and repeal by-laws, 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 Department of Commerce¹ shall provide staff services to the Authority for its administration of the act, including liaison between the Authority and industrial development agencies and related organizations, and between the Authority and other agencies of the Commonwealth whose facilities and services may be useful to the Authority in its work.

The Authority is authorized to make reimbursement to any agency of the Commonwealth for such special expenses as may be incurred in the provision of any services or the use of any facilities required by the Authority.

In addition, the Authority may employ an executive director, appoint, subject to the Administrative Code, its own counsel and legal staff, and, as required for special studies and surveys, retain such temporary engineering, finance and other consultants and technicians as it may require.