There is hereby created a Board of Fire and Police Commissioners which Board shall function in conformity with Division 2.1 of Chapter 65, Act 5, Article 10 of the Illinois Compiled Statutes. 65 ILCS 5/10-2.1 et seq. This Board will consist of three (3) members, all of whom shall be appointed by the President with the consent of the Board of Trustees, whose terms of office shall be three (3) years and until their respective successors shall be appointed by the Village President and Board of Trustees.