As soon as possible after their appointment the commissioners shall organize for the transaction of business by choosing a vice-chairman and by adopting bylaws and rules suitable to the purpose of organizing the institute and conducting the business thereof. The powers of the institute shall be vested in the commissioners. A majority of the commissioners of the institute then in office shall constitute a quorum for the transaction of any business or the exercise of any power or function of the institute, and the affirmative vote of a majority of the commissioners present at any meeting, at which there is a quorum present, shall be necessary for any action taken by the institute. The commissioners may hold any of their meetings by telephone or video facilities. No vacancy in the membership of the commissioners shall impair the right of a quorum to exercise all the rights and perform all the duties of the institute. The commissioners may appoint an executive director, who shall serve at the pleasure of the commissioners, and such other officers and employees as the commissioners may require for the performance of their duties and shall prescribe the duties and compensation of each officer and employee.