Board.

(a) Composition.--The board shall be composed of the following members:

(1) The Secretary of Community and Economic Development or a designee.

(2) The Secretary of the Budget or a designee.

(3) The Secretary of Banking or a designee.

(4) Four legislative appointees.

(i) Appointments are as follows:

(A) One individual appointed by the President pro tempore of the Senate.

(B) One individual appointed by the Minority Leader of the Senate.

(C) One individual appointed by the Speaker of the House of Representatives.

(D) One individual appointed by the Minority Leader of the House of Representatives.

(ii) Legislative appointees shall serve at the pleasure of the appointing authority.

(iii) An individual appointed to the board pursuant to subparagraph (i) may not be a member of the General Assembly or staff of a member of the General Assembly.

(b) Organization.--The Governor shall select a member of the board to serve as chairperson. The members shall select from among themselves such officers as they shall determine.

(c) Meetings.--The board shall meet at the call of the chairperson.

(d) Quorum.--Five members of the board shall constitute a quorum, and the following shall apply:

(1) The consent of at least five members of the board, with at least four of the consenting members being appointed under subsection (a)(4), shall be necessary to take action on behalf of the authority for any of the following:

(i) Adopting bylaws.

(ii) Hiring professionals under section 1513(a)(5) and (6) (relating to powers).

(iii) Authorizing bonds.

(iv) Approving projects and contracts under