The meetings of the board shall be called in the manner the regents prescribe which gives public notice of the time, date, and place of the meetings in the manner required by Act No. 267 of the Public Acts of 1976, being section 15.261 to 15.275 of the Michigan Compiled Laws. The business which the board may perform shall be conducted in compliance with Act No. 267 of the Public Acts of 1976. Five regents shall constitute a quorum for the transaction of business, and a smaller number may adjourn from time to time.