A. Membership, Terms: The board of directors to the corporation (the board) shall be comprised of three (3) residents of the city, appointed by the mayor and confirmed by the city council. Of the members first appointed, one member shall serve for a one year term, one for a two (2) year term and one for a three (3) year term. Thereafter, upon the expiration of the term of appointment, each member shall be appointed to a three (3) year term. If a vacancy occurs during an unexpired term, the mayor, with the confirmation of the city council, shall appoint a member, who shall also be a resident of the city, to serve the remainder of the unexpired term. A simple majority of the members of the board shall constitute a quorum and the approval of the majority of a quorum shall be sufficient and necessary for the board to take any action.
B. Organization; Bylaws: The affairs of the corporation shall be conducted and carried out by the board. The board shall elect officers from its own members and shall consist of a president, a vice president and a secretary-treasurer. These officers shall be elected at the initial meeting of the board in each calendar year and shall serve until their successors have been duly elected. The board may elect other such officers as it shall, from time to time, determine to be necessary or desirable and may appoint agents or employees as the board determines the same shall be required. The board shall adopt bylaws governing the election of officers, the power and duty of the officers, the filling of vacancies in offices, scheduling and giving of notice, the conduct of the meetings and the conduct of the corporation. Such bylaws, rules and regulations may be amended from time to time by the board; provided, that such amendments shall be consistent with the provisions herein contained. Members of the board shall serve without compensation, but may be reimbursed for expenses as may be provided in the bylaws, rules and regulations of the board, with the approval of the city. (1984 Code § 1-10-4)