(a) The Board of Review shall be composed of three members as provided for in Section 4.1 of this Charter. The terms of office of each member of the Board of Review shall be for four years. At each City election held in a year following a presidential election year, two members of the Board of Review shall be elected. At each other regular City election, one member of the Board of Review shall be elected. The Council shall fix the compensation of the members of the Board of Review.
(b) The Board of Review shall convene at nine o'clock in the forenoon on the third Monday in March in each year at the Council Chambers and shall continue in session for six hours during that day and each of the following three days for the purpose of examining and reviewing the assessment roll of the City. The Council may, by appropriate action, extend this period. On the first day of its meeting in each year, the Board shall elect one of its members Chairman. The Board shall have all powers vested in and be charged with all duties imposed by law upon boards of review in townships.