Each year the Board of Regents: Shall elect one of its nonstudent members as its chairman; and May elect any other officer it requires. The Board of Regents shall determine the time and place of its meetings and may adopt rules for the conduct of its meetings. A majority of the voting members shall constitute a quorum for the transaction of business. No formal action may be taken by the Board of Regents without the approval of a majority of the voting members of the Board of Regents.