(1) The business which the board may perform shall be conducted in compliance with Act No. 267 of the Public Acts of 1976, being section 15.261 to 15.275 of the Michigan Compiled Laws.

  (2) A meeting of the board of control shall be called at a place and time and in a manner in compliance with Act No. 267 of the Public Acts of 1976. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976. A meeting may be lawfully adjourned at the board’s pleasure. Five members of the board shall form a quorum for business, and 2 members may hold a meeting open by adjournment, from time to time, not more than 2 weeks in all, provided a quorum shall not be present at the time appointed for the meeting. The board may elect 1 of the board’s members or may designate the president of the institution to preside at board meetings. The board shall elect a secretary, a treasurer, and other officers as the board considers necessary. Each officer shall hold office at the pleasure of the board. A member of the board shall not be eligible to election as the secretary or treasurer. The secretary and the treasurer each shall give a bond satisfactory to the board to secure the faithful performance of the duties of that office. Money shall not be paid out, or a contract shall not be made, or an act done, involving the payment of money or the disposal of property, except pursuant to a vote of the board.