The Board of Directors of the Corporation (the "Board") shall be comprised of five (5) residents of the City appointed by the City Council, whose terms, if they are also members of the City Council or Mayor of the City, shall coincide with their elected terms of office. If a vacancy occurs during an unexpired term, the President, with the consent 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 majority of the members of the Board shall constitute a quorum, and the approval of a majority of a quorum shall be necessary for the Board to take any action. (Ord. 217, 10-30-89)