Section 404. Quorum, Manner of Acting, and Adjournment. -- A majority of the Governors in office shall be present at each meeting of the Board of Governors in order to constitute a quorum for the transaction of business. Every Governor shall be entitled to one vote. Except as otherwise provided by 15 Pa.C.S. 7547 (relating to purchase, sale, mortgage and lease of real property), the acts of a majority of the Governors present at a meeting at which a quorum is present shall be the acts of the Board. In the absence of a quorum, a majority of the Governors present and voting may adjourn the meeting from time to time until a quorum is present. The Governors shall act only as a Board and the individual Governors shall have no power as such, except that any action which may be taken at a meeting of the Governors may be taken without a meeting, if a consent or consents in writing setting forth the action so taken shall be signed by all of the Governors in office and shall be filed with the Secretary.