(a) Directors. The powers of the authority shall be exercised by or under the supervision of its board of directors. A majority of the full number of the board shall constitute a quorum and the affirmative vote of such majority shall be necessary and shall suffice for any action taken by the board. No vacancy in the membership of the board shall impair the right of a quorum to exercise the powers of the board.
The members of the board shall not be entitled to compensation by the authority for their services as members or officers but they shall be reimbursed for their actual expenses necessarily incurred in the performance of their duties.
(b) Officers. Forthwith upon the appointment or election of the original board, and annually thereafter, the board shall choose one of its own members as chairman and another as vice chairman and shall also choose a secretary and a treasurer, who may be the same person and who need not be a member or members of the board. Each such officer shall serve until his successor is chosen and qualified unless sooner removed by the board, with or without cause. In the event of a vacancy in the office of chairman, vice chairman, secretary or treasurer, the board shall fill the vacancy for the unexpired term. (P.L. 1969, ch. 110, § 2.)