(a) The authority shall be composed of three members, the Governor, the commissioner of natural resources, and the executive director of the State Properties Commission.

(b) The Governor shall be the chairman of the authority, the commissioner of natural resources shall be its vice-chairman, and the executive director of the State Properties Commission shall be its secretary-treasurer.

(c) The members of the authority shall not be entitled to compensation for the rendering of their services to the authority.

(d) To constitute a quorum of the membership of the authority, all three of its members must be present. The powers and duties of the authority shall be transacted, exercised, and performed only pursuant to an affirmative vote of all three members of the authority. An abstention in voting shall be considered as that member voting in the negative on the matter before the authority.

(e) Meetings of the authority shall be held on the written notice of the chairman. The notice of a meeting shall set forth therein the date, time, and place of the meeting. Minutes shall be kept of all meetings of the authority and in the minutes there shall be kept a record of the vote of each member of the authority on all questions, acquisitions, transactions, and all other matters coming before the authority.