The affairs of the Corporation shall be conducted and carried out by the Board. The Board shall elect officers from its own members and shall consist of a president, vice-president and a secretary-treasurer. These officers shall be elected at the initial meeting of the Board in each calendar year and shall serve until their successors have been duly elected. The Board may elect other such officers as it shall, from time to time, determine to be necessary or desirable and may appoint agents or employees as the Board determines the same shall be required. The Board shall adopt by-laws governing the election of officers, the power and duty of the officers, the filling of vacancies in offices, scheduling and giving of notice, the conduct of the meetings and the conduct of the Corporation. Such by-laws, rules and regulations may be amended from time to time by the Board, provided that such amendments shall be consistent with the provisions herein contained. Members of the Board shall serve without compensation, but may be reimbursed for expenses as may be provided in the by-laws, rules and regulations of the Board, with the approval of the City.