There is established a board of directors composed of eight members to govern the affairs of the corporation. The board shall be subject to the Open Public Meetings Law of the state. A majority of the board shall constitute a quorum for the purpose of conducting meetings, and all actions taken by the board other than adjourning a meeting for lack of a quorum shall require an affirmative vote of a majority of members of the board. The board shall conduct the affairs of the corporation but may delegate administrative and managerial duties to employees of the corporation. The board shall have authority to employ its own staff and independent professional consultants to carry out its duties, provide for their compensation, designate one or more depositories, provide for reimbursement for expenses, provide for board meetings, the principal office of the corporation and other matters necessary for the operation of the corporation. No director shall be entitled to receive any compensation for serving as a director or an officer of the corporation. The powers and limitations of the corporation shall be as set forth in Chapter 300 and other applicable law. (Ord. 1876 § 1, 1982: Ord. 1871 § 2, 1982)