(a) Each year prior to June 30 the Board of Trustees:
(1) Shall elect a chairman and vice chairman from among its members; and
(2) May elect any other officers it requires.
(b) (1) The Board of Trustees shall determine the time and place of its meetings.
(2) The Board of Trustees may adopt rules for the conduct of its meetings and the transaction of business.
(c) A majority of the members then serving on the Board of Trustees is a quorum for the transaction of business.