(a) The city council or other governing body of any city or incorporated town is authorized to create a market authority within its jurisdiction for the purpose of establishing public market facilities.
(b)
(1) The market authority shall consist of five (5) members.
(2) The members shall be appointed by the mayor and approved by the council or other legislative body of the city creating the authority. These members shall be qualified electors residing in the city, incorporated town, or territory served by the market authority and cannot hold any elective office of the city, town, county, or state.
(3)
(A) The members of the authority shall be appointed for periods of one (1), two (2), three (3), four (4), and five (5) years respectively, so that the term of one (1) member shall expire each year after the creation of the authority.
(B) Upon the termination of office of each member, his successor shall be appointed for a term of five (5) years and shall serve until his successor shall have been appointed and qualifies.
(4) The members of the authority shall receive no compensation for their services.
(c)
(1) The authority shall have authority to employ such persons as it deems necessary in furtherance of its duties under this subchapter.
(2) The employees authorized by this section shall be chosen by the members of the market authority of the respective city or town.
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