(a) (1) (A) The commissioners of a municipal auditorium commission shall be appointed by the mayor and confirmed by a majority vote of the duly elected and qualified members of the city council and shall hold office for a term of five (5) years.

(B) Those commissioners first appointed and confirmed after March 16, 1939, shall serve for terms of one (1), two (2), three (3), four (4), and five (5) years each, to be designated by the mayor and city council. Thereafter, upon the expiration of their respective terms, commissioners appointed by the mayor and approved by a majority vote of the city council shall each be appointed for a term of five (5) years.

(2) In the event of a vacancy occurring on the auditorium commission, it shall be filled by appointment by the mayor, subject to the approval of a majority vote of the duly elected and qualified members of the city council.

(3) Each commissioner shall file the oath required of public officials by law in the State of Arkansas.

(b) No member of a commission created under the provisions of this chapter shall hold any remunerative elective office under the municipal, county, state, or federal government while a member of the commission. However, the mayor of any such city may be made an ex officio member of the commission.

(c) Upon the appointment of the commissioners as provided in this section, the mayor and city council shall execute such instruments and enact such measures as may be necessary to vest complete charge of the municipally owned auditorium in the commissioners appointed under this chapter.