(1) The board, on behalf and in the name of the municipality, has the following powers: (a) To fix the time and place at which its regular meetings shall be held within the municipality and to provide for the calling and holding of special meetings;(b) To adopt and amend or otherwise modify bylaws and rules for procedure;(c) To prescribe by resolution a system of business administration, to create any and all necessary offices, and to establish and reestablish the powers, duties, and compensation of all officers, agents, and employees and other persons contracting with the board, subject to the provisions of any ordinance adopted pursuant to section 31-35-502; but, except as may be otherwise therein provided, such compensation shall be established at prevailing rates of pay for equivalent services.L. 75: Entire title R&RE, p. 1261, § 1, effective July 1.This section is similar to former § 31-35-421 as it existed prior to 1975.