Sec. 7.5. (a) This section applies to the board of a land bank established by a third class city.

(b) The board of a land bank to which this section applies is comprised of the following:

(1) Three (3) directors appointed by the executive of the third class city. A director appointed under this subdivision must be a resident of the third class city.

(2) Three (3) directors appointed by the legislative body of the third class city. A director appointed under this subdivision must be a resident of the third class city.

(3) A director appointed by the county treasurer of the county in which the third class city is located, or the county treasurer of the county in which most residents of the third class city reside, if the third class city is located in more than one (1) county. A director appointed under this subdivision must be a resident of the third class city.

(4) At most two (2) additional directors appointed, as applicable, in the manner and subject to the requirements set forth in the land bank's bylaws.

(c) The terms of the initial directors of a land bank to which this section applies are equal to:

(1) the remainder of the calendar year in which the land bank is established; plus

(2) a number of additional years equal to:

(A) one (1) calendar year, for directors appointed under subsection (b)(1);

(B) two (2) calendar years, for directors appointed under subsection (b)(2); and

(C) three (3) calendar years, for directors appointed under subsection (b)(3) or (b)(4).

As added by P.L.110-2017, SEC.6.