(a)

(1) The board of directors shall organize by electing one (1) of their number as a chair to preside over the meetings of the board, the person so elected to have the title of "mayor".

(2)

(A) Except as provided in subdivision (a)(2)(B) of this section, the mayor shall serve in this capacity for two (2) years from the date of his or her election as mayor unless his or her tenure of office as a director expires in less than two (2) years, in which event he or she will serve as mayor merely until the expiration of his or her tenure of office as director.

(B) The board of directors of any city may provide by ordinance that the term of mayor in the city shall be one (1) year, in which event the mayors of the city selected thereafter shall be selected for and serve terms of one (1) year.

(3) When the mayor's term expires, the board shall elect a successor mayor. However, the mayor shall not be prohibited from serving in this capacity for more than one (1) term.

(4) The mayor shall receive no compensation for his or her duties in such capacity but shall be reimbursed for all actual expenses incurred by him or her in the discharge of his or her duties as mayor.

(b) The mayor shall have the following powers:

(1) He or she shall preside at all meetings of the board;

(2) He or she shall be recognized as the head of the city government for all ceremonial purposes and by the Governor for the purposes of military law;

(3) He or she shall sign, on behalf of the city, all written agreements, contracts, bonds, mortgages, pledges, indentures, conveyances, and other written instruments, the execution of which has been approved by the board; and

(4) He or she may vote on all matters coming before the board but shall have no veto power.