After appointment, members of the Commission shall qualify by taking and filing with the City Clerk the oath prescribed by law for public officials and shall not be permitted to serve until so qualified. If any member of the Board fails to so qualify before the next regular City Council meeting, the Council may declare the position vacant and shall appoint a successor. At the first meeting held after the first Board has been appointed, as hereinbefore provided, and thereafter at a meeting in January of each year, the members of the Board shall organize by electing one of their number President, and another Vice President, and by electing a Secretary who need not be a member of the Board. The Secretary shall keep an accurate record of all the fiscal affairs of the Board, and shall keep a minute book in which he shall record the proceedings and transactions of each meeting of the Board. The Secretary shall be paid such compensation for services as the City Council shall fix from year to year. The City Treasurer shall be ex officio treasurer of said Board, and shall take an oath prescribed by law and shall furnish such bond as may be required by said Board. (Passed 7-15-14.)