(a) There is created a body corporate and politic, to be known as the Georgia Building Authority (Penal), which shall be deemed to be an instrumentality of this state and a public corporation. By such name, style, and title the body may contract and be contracted with, bring and defend actions, implead and be impleaded, and complain and defend in all courts.

(b) The authority shall consist of five members, who shall be the Governor, the state auditor, the Lieutenant Governor, the Commissioner of Agriculture, and an appointee of the Governor who is not the Attorney General. The authority shall elect one of its members as chairman and another as vice-chairman, and it shall also elect a secretary and a treasurer who need not necessarily be members of the authority. Three members of the authority shall constitute a quorum. No vacancy on the authority shall impair the right of the quorum to exercise all rights and perform all the duties of the authority. The members of the authority shall be entitled to and shall be reimbursed for their actual expenses necessarily incurred in the performance of their duties.

(c) The authority shall make rules and regulations for its own government. It shall have perpetual existence. Any change in name or composition of the authority shall in no way affect the vested rights of any person under this chapter or impair the obligations of any contracts existing under this chapter.