The executive committee shall be elected annually at the annual meeting of the council and shall consist of the chairman of the council, the vice chairman, and four additional members. The immediate past chairman of the council may be elected to serve as a fifth additional member of the executive committee with the approval of council, and so long as the immediate past chairman is and continues to be a member of council. Four members shall constitute a quorum and the committee may act upon the majority vote of at least a quorum of its members., who are present at the meeting. The executive committee shall, during the interval between meetings of the council, possess and exercise all of the powers of the council in management of the business and affairs of the council except as to such matters as the council has by resolution expressly reserved to itself., including but not limited to rules promulgation pursuant to rule 3379-13-01 of the Administrative Code. In addition, the executive committee is authorized to approve the director's application for funds to the National Endowment for the Arts. The executive committee shall keep full and accurate records and accounts of its proceedings and transactions. All action by the executive committee shall be reported to the council at its meeting next succeeding such action and shall be subject to revision and alteration by the council, provided that no rights of third persons shall be affected by any such revision or alteration.