(a) If the operation of a municipal alcoholic beverage control store is authorized under the provisions of this article, the mayor and council shall immediately create a town board of alcoholic control to be composed of a chairman and two (2) other members who shall be well known for their character, ability and business acumen. Said board shall be known and designated as "The Town of Valdese Board of Alcoholic Control." The chairman of said board shall be designated by the mayor and town council and shall serve for his first term a period of three (3) years; one member shall serve for his first term a period of two (2) years; the other member shall serve for a term of one (I) year. All terms shall begin with the date of their appointment and after such terms shall have expired, the successors in office shall serve for a period of three (3) years. The successors and any vacancies occurring in the Town Board of Alcoholic Control shall be named or filled by the mayor and the council of the town.
(b) The board of alcoholic control shall have all the powers and duties imposed by the General Statutes on county boards of alcoholic control and shall be subject to the powers and authority of the State Board of Alcoholic Control the same as county boards of alcoholic control, as provided in the General Statutes. The town board of alcoholic control and the operation of any town liquor store authorized under the provisions of this section shall be subject to and in pursuance with the provisions of Chapter 18A of the General Statutes, except to the extent which the same article. Wherever the term "county" board of alcoholic control appears in Chapter 18A, it shall include the Town of Valdese board of alcoholic control. The net profits remaining after the first deducting necessary working capital, salaries and expenses, including those sums expended for law enforcement and for education on the excessive use of alcoholic beverages and for the rehabilita tion of alcoholics as required by G.S. 18A-17, shall be distributed not less than annually as follows:
(1) 10 percent of the net profits paid into the general fund of Burke County to be used only for capital outlay for the county public schools;
(2) 90 percent of the net profits paid into the general fund of the Town of Valdese to be appropriated by the governing body of the town for any proper governmental purpose.