1. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board.
2. (b) The board is composed of five (5) directors appointed by the mayor of the city.

3. (c) Each of the five (5) directors appointed by the mayor:

   1. (1) must be a resident of the county;
   2. (2) serves for a term of three (3) years and until a successor is appointed and qualified;
   3. (3) is eligible for reappointment;
   4. (4) shall serve without compensation, but is entitled to reimbursement for traveling expenses and other expenses, actually incurred in connection with the director's duties;
   5. (5) may be removed for cause by the mayor; and

   6. (6) may not be an officer or employee of:

      1. (A) the city;
      2. (B) the county; or
      3. (C) any qualified entity.
4. (d) Any vacancy on the board, other than by expiration of term, shall be filled by appointment of the mayor for the unexpired term only.

As added by P.L.42-1985, SEC.1.