The Mayor, with the consent of the Council, may appoint a Library Board consisting of five (5) members, one of which shall be a member of the Council. Such Directors shall hold their office for three (3) years from the date of appointment, and until their successors are appointed, but upon their first appointment they shall divide themselves at their first meeting by lot, into three (3) classes; two (2) members shall form the first class and shall serve for one year; two (2) members shall form the second class and shall serve for two (2) years; and one member shall form the third class and shall serve for three (3) years. No compensation shall be paid or allowed to any member of the Library Board in any manner whatsoever.