Allowing only one participant to speak at a time

I will soon be hosting a couple of club AGMs.  If necessary to control interruptions, how can I control the meeting so that (a) only one person at a time can be heard, and equally important, (b) I know wishes to speak, in time order, i.e. first to indicate (silently - presumably by hand mechanism) gets the next speaking slot?  When that person is speaking, how do I ensure that that person drops off the "request to speak?" list until the hand is raised again? 

Is there then an easy way for (probably the original speaker, e.g. the club president) to respond before the next raise hand is allowed to speak? 

Thanks