(A) An executive department of the town is now created and shall be known as the Economic Department Commission.
(B) (1) The Economic Development Commission shall be under the control of a Board of three members. The members of said Commission shall be appointed as follows one of the members so appointed shall be selected by the President of the Town Council; one shall be nominated by the County Council; and one shall be nominated by the Town Council.
(2) Such Commissioners shall take office upon appointment and their terms shall run the following number of years from February 1, 1973, following such original appointment:
(a) The Commissioner nominated by the Town Council: Two years;
(b) The Commissioner nominated by the County Council: One year; and
(c) The Commissioner selected by the President of the Town Council: Three years.
(C) (1) No person shall be appointed as a Commissioner of the town’s Economic Development Commission who is not a resident of the county or who is not an owner of a business in the county. If any such appointed Commissioner shall cease to qualify in one of the above categories, his or her appointment on said Board shall thereby terminate and his or her office shall become vacant.
(2) The three-member Commission originally appointed shall meet within 30 days after full appointment of all such Commissioners at a time and place designated by the President of the Town Council for the purpose of organization and shall meet to reorganize each February each succeeding year. At such organizational meeting, the Commission known as the Economic Development Commission shall elect one of its members as President, one as Vice President and one as Secretary, each of which officer shall serve under date of his or her selection until January 31 next following his or her election until his or her successor is elected and qualifies.
(D) The Economic Development Commission shall be authorized to adopt such bylaws, rules and regulations as it may deem necessary for the proper conduct of its proceedings and shall have all the powers, duties, responsibilities and limitations as provided by the General Assembly of the state in the Act known and cited as “Municipal Economic Development Act of 1965” in the Acts of 1965, Chapter 402, § 1, Page 1255, and all Acts amendatory and supplemental thereto.
(Ord. 14, 1972, passed 11-21-1972)