The President, with the approval of the Board of Trustees, may appoint any reputable person as a special police officer to serve for such term and on such conditions as may be designated by the terms of such appointment. Special police officers shall have the powers and duties of a conservator of the peace, and shall receive no compensation from the Village unless such compensation is ordered by the Board of Trustees. Appointments may be revoked at any time by the President, the Board of Trustees, or the Chief of Police.
('52 Code, Ch. 6, § 76)