There shall be a Board of Supervisors of elections, consisting of three members who shall be appointed by the Mayor with the approval of the Council on or before the first Monday in October in every second odd-numbered year. The terms of members of the board of supervisors of elections shall begin on the first Monday in October in the year in which they are appointed and shall run for four years. Members of the board of supervisors of elections shall be qualified voters of the town and shall not hold or be candidates for any elective office during their term of office. The Mayor and Council shall appoint one of the members of the board as chairman. Vacancies on the board shall be filled by the mayor with the approval of the council for the remainder of the unexpired term. The compensation of the members shall be determined by the council.