The planning commission of a city of the first class, city of the second class, or village shall elect its chairperson from its members and create and fill such other of its offices as it may determine. The term of the chairperson shall be one year, and he or she shall be eligible for reelection. The commission shall hold at least one regular meeting in each calendar quarter, except as provided in this section. The city council or village board of trustees may require the commission to meet more frequently and the chairperson of the commission may call for a meeting when necessary to deal with business pending before the commission. If no business is pending before the commission, the chairperson may cancel a quarterly meeting, but no more than three quarterly meetings may be cancelled per calendar year. The commission shall adopt rules and regulations for the transaction of business and shall keep a record of its resolutions, transactions, findings, and determinations, which shall be a public record.