(a) The powers of the authority shall be exercised by a board composed of eleven members. The Governor and the Secretary of the Department of Transportation shall be ex officio members of the authority. The mayor shall appoint nine members of the board for three year terms, all of whom shall be residents of the county and citizens of the United States, and the Governor and the Secretary of Transportation shall each appoint a member to serve at their pleasure. Three members shall serve for one year, three for two years, and three for three years, from January 1 next succeeding the date of approval of this act. Their terms shall be staggered in a similar manner. Whenever a vacancy occurs, the appointing authority shall appoint a member for a term of three years to succeed the member whose term has expired, or for their pleasure, or for the unexpired term, as the case may be. Members shall hold office until their successors have been appointed and may succeed themselves. A member shall receive no compensation for his services but shall be entitled to the necessary expenses, including traveling expenses incurred in the performance of his duties.

(b) Within ninety days after the creation of the authority, the board shall meet and organize by electing from their number a chairman, a vice chairman and such other officers as the board may determine. Six members of the board shall constitute a quorum for its meetings. Members of the board shall not be liable personally on the bonds or other obligations of the authority, and the rights of creditors shall be solely against such authority. The board may delegate to one or more of its agents or employes such of its powers as it shall deem necessary to carry out the purposes of this act, subject always to the supervision and control of the board. The board shall have full authority to manage and operate the business of the authority and 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. Copies of such bylaws, rules and regulations shall be filed with the secretary of the authority.