The Pension Committee shall establish its own bylaws and procedures with regard to its fiduciary responsibilities and the time and place for its meetings, and provide for keeping of minutes of all meetings, copies of which shall be delivered to the Borough Council. A majority of the members of the Committee shall constitute a quorum for the transaction of business at a meeting of the Committee. Any action of the Committee may be taken upon the affirmative vote of a majority of a quorum of the Committee at a meeting. At the direction of its Chairperson, a majority of the Committee may vote without a meeting, by mail, telegraph or telephone, provided that all of the members of the Committee are informed by mail or telegraph of their right to vote on the proposal and of the outcome of the vote thereon.