(a) The authority shall consist of the Governor, the Lieutenant Governor, the Commissioner of Agriculture, an appointee of the Governor who is not the Attorney General, and the state auditor.

(b) The authority shall elect one of its members as chairman and another as vice-chairman. It shall also elect a secretary and a treasurer, who need not be members. The office of secretary and treasurer may be combined in one person.

(c) The authority may make such bylaws for its government as is deemed necessary but is under no duty to do so.

(d) Three members of the authority shall constitute a quorum necessary for the transaction of business. A majority vote of those present at any meeting at which there is a quorum shall be sufficient to do and perform any action permitted to the authority by this article. No vacancy on the authority shall impair the right of a quorum to transact any and all business.

(e) The members of the authority shall not receive compensation for their services but shall be reimbursed for actual expenses incurred in the performance of their duties.

(f) Members of the authority shall be accountable as trustees. They shall cause to be kept adequate books and records of all transactions of the authority, including records of income and disbursements of every nature. The books and records shall be inspected and audited by the state auditor at least once each year.