(a) The compact membership shall meet annually for the purpose of transacting the following business:
(1) Hear reports and make recommendations to the board of directors regarding the compact and its progress in meeting its purposes.
(2) Set annual membership dues, and create additional associate, non-voting membership categories.
(3) Elect officers and a board of directors.
(4) Adopt necessary bylaws consistent with this article.
(5) Adopt modifications to this compact, which shall become effective only by consent of the Legislature by joint resolution.
(b) The first annual compact membership meeting for the transaction of the above business shall be held on Constitution Day, September 17, 1994, and annually thereafter on a date fixed by the compact membership. Special meetings of the compact may be called by the board of directors with notice as provided in the bylaws. A quorum shall consist of a majority of the member parties of the compact.