(A) The chairperson of the commission shall be the active executive authority of the commission. The chairperson shall have charge of and be responsible for the funds, office, records and operation of the commission, and shall preside at all of the meetings thereof. The commission shall meet on the first Monday of each month, and upon the call of the chairperson. All decisions of the commission shall be made by the affirmative vote of a majority of the members present at any regular or special meeting.
(B) Two members of the commission shall be necessary to constitute a quorum.
(C) No member of the commission shall be, directly or indirectly, party to or interested in any loan or investment which may be made by the commission. Each member of the commission shall be required to give a corporate surety bond in the sum of $5,000, except the chairperson, who shall be required to give a surety bond in the sum of $20,000. The premiums on these bonds shall be paid by the county. On or before June 30, of each year, or as soon thereafter as a county audit can be made, the commission shall cause to be prepared and filed in the office of the clerk of court of the county, a report of the funds under its custody and control, and all its acts and operations for the fiscal year next preceding the date.
(Acts 1945, No. 135, p. 180, § 5) (‘77 Code, § 8-10)