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At the expiration of the Chairman’s term of office as fixed by this act or in the event of a vacancy in the Chairman’s term of office as fixed by this act the Power Board shall elect a Chairman, and may, at its discretion, employ someone not a member of the Power Board to act as Secretary. The Power Board shall hold at least one public meeting per month and as many special meetings as may be necessary or convenient, at a time and place to be determined by the Power Board. The presence of two of the members of the Power Board shall constitute a quorum for the transaction of the business of the Power Board. The Power Board shall keep a typewritten record of all regular and special meetings and shall keep such minutes in a permanent minute book.