§ 4. Meetings[; officers; quorum; compensation].

The authority shall hold their first regular meeting within 30 days after the approval of the act [from which this article is derived], and the first regular meeting of each year thereafter shall be in January. The authority shall meet at such times as may be necessary to transact the business coming before it. At its first meeting in January of each year thereafter, the authority shall elect one of its members as its chairman and another member as secretary-treasurer. Only one person shall hold the office of secretary-treasurer. These officers shall be elected for a term ending on December 31st of the year in which they were elected or until their successors are elected and qualified. Three members of the authority shall constitute a quorum for the transaction of all business coming before it. The members of the authority shall not be compensated for services rendered as members; however, it is expressly provided that they shall be reimbursed for all actual expenses incurred in the performance of their duties.