Immediately upon appointment, the members of the regulatory board shall select from among the members a chair and a secretary of the board and, as soon thereafter as is feasible, the board shall submit to the governing body a set of rules and regulations that it deems necessary and desirable for the protection of the citizens of the municipality, to prevent irresponsible persons from engaging in the business and to avoid the likelihood of fraud and injustice being wrought upon the citizenry.