There is hereby created and established a Planning Commission within and for the Village, consisting of five members and made up of the following persons, the Mayor, one member of Council, to be selected by Council for the remainder of his term as a member of Council, and three citizens of the Village to be appointed by the Mayor, for terms of six years each, except that the terms of one of the members of the first commission shall be for four years and one for two years; all such members to serve without compensation.