The Board shall hold meetings at least twelve times a year and shall adopt rules and regulations for the conduct of its meetings. It shall keep a complete record of its proceedings, and yeas and nays shall be collected on the passage of its resolutions or orders. Three members of the Board shall constitute a quorum for the transaction of business, but no resolution or order shall be adopted unless three members vote in its favor. The Board shall select one of its members as Chairman and another of its members as Clerk who shall receive no compensation for such services.