The Planning Commission shall consist of five members, as follows: the Mayor, one member of Council to be selected by Council for the remainder of his or her term as a member of Council, and three citizens of the Village who shall be appointed by the Mayor for terms of six years each, except that the term of one of the members first appointed shall be for four years and one for two years. All of such members shall serve without compensation. The members of Council, at the first meeting of Council in January following their election, shall choose one of their number to serve as a member of the Planning Commission aa provided for herein.