(a)

(1) If an urban renewal agency is authorized to transact business and exercise powers under this subchapter, the mayor shall appoint a board of commissioners of the agency which shall consist of five (5) commissioners.

(2) No commissioner may be an officer or employee of the municipality for which the agency is created.

(b)

(1) The commissioners who are first appointed shall be designated to serve for terms of one (1), two (2), three (3), four (4), and five (5) years, respectively, from the date of their appointment. Thereafter, commissioners shall be appointed as provided in this section for terms of office of five (5) years, except that any vacancy shall be filled for the unexpired term.

(2) A commissioner shall hold office until his successor has been designated by the board and approved and confirmed by the municipal council or other municipal governing body.

(c)

(1) When appointed or reappointed, approved, and confirmed, a certificate of the appointment or reappointment of any commissioner shall be filed with the clerk of the municipal council or other governing body.

(2) The certificate shall be conclusive evidence of the due and proper appointment of the commissioner.

(d) When a vacancy occurs on the board, the commissioners of the agency shall designate a successor to fill the vacancy, subject to approval and confirmation by the municipal council or other municipal governing body.

(e) A commissioner shall receive no compensation for his services but shall be entitled to the necessary expenses, including traveling expenses, incurred in the discharge of his duties.

(f) The mayor shall designate a chairman and vice chairman from among the first commissioners appointed. Thereafter, these offices shall be filled by action of the board.

(g)

(1) A majority of the commissioners shall constitute a quorum for the purpose of conducting business, exercising the powers of the agency, and for all other purposes.

(2) Action may be taken by the agency upon a vote of a majority of the commissioners present unless in any case the bylaws shall require a larger number.

(h) The powers of an agency shall be exercised by its commissioners.