(A) There is hereby created a department of development, which shall be known as the Department of Development, which Department shall be controlled by the Commission known as the Economic Development Commission.
(`94 Code, § 2-1)
(B) (1) The Economic Development Commission shall consist of three members.
(2) Appointees shall serve terms of four years, with each term to expire on February 1.
(3) Any vacancies occurring on the Commission shall be filled by appointment by the authority having made the appointment in which the vacancy occurs and the appointment shall be made for the completion of any unexpired term.
(4) Commissioners shall serve without compensation, but the Town Council may provide in the Development Department budget for reimbursement of travel, telephone and other expenses incurred by the Commissioners in the performance of their duties.
(5) The appointing authorities shall make their appointments in the manner prescribed by law and shall furnish certificates of appointment for each person appointed and the appointees shall qualify, as required by law.
(`94 Code, § 2-2)
(C) (1) The Commission shall meet within 30 days after its creation and shall, at that first meeting, elect the President, Vice-President and Secretary and shall immediately undertake the duties imposed upon the Commissioners by law. The Commission shall hold reorganization meetings during February of each year and the Commission and its members shall have all the powers and duties imposed by statute and this section and by amendments to either the statute or ordinance.
(2) The Commission may adopt by-laws and rules as are not prohibited by law and as are found desirable to facilitate the conduct of its business and the accomplishment of its purpose.
(`94 Code, § 2-3)
(D) Any Commissioner having a financial interest in, or having been employed by, any firm or corporation contracting or negotiating with the Commission shall disclose his or her interest to the Commission and the disclosures shall be made a part of the records of the Commission. Any contract or agreement in which a Commissioner has a financial interest or any contract or agreement with any firm or corporation in which a Commissioner has direct financial interest shall be void from its inception unless the nature of that financial interest has been made a part of the record of the Commission. No Commissioner shall vote on any matter in which he or she has a financial interest.
(`94 Code, § 2-4)