A. There is hereby created in each municipality to which this article is applicable, a public body corporate to be known as the "Urban Renewal Authority", or such other name as may be designated by the governing body of the municipality, which may sue or be sued; provided, that such Authority shall not transact any business or exercise its powers hereunder until or unless the governing body of the municipality has made the finding prescribed in Section 38-105 of this title.

B. When the Urban Renewal Authority is authorized to transact business and exercise powers hereunder, the mayor, subject to the approval of the municipal governing body, shall appoint a Board of Commissioners consisting of five (5) members. The term of office of each such Commission member shall be for three (3) years, except that of the members first appointed, one shall serve for a term of one (1) year and two shall serve for terms of two (2) years. The initial appointments, regardless of the calendar date when such appointments are made, shall expire on the July 31 closest to the full one, two or three-year term to which such members are appointed. Thereafter, and after the expiration of initial terms, all members shall serve terms of three (3) years. All terms of office, including initial appointments, shall expire as of July 31 and new terms shall commence on August 1 of the calendar year.

C. The mayor of the municipality shall designate from the duly appointed Commission members, a Chairman and Vice Chairman who shall serve terms of one (1) year, beginning August 1 of each calendar year, or until a successor is named. Should the mayor fail to designate a Chairman or Vice Chairman within thirty (30) days after the separation date of the former Chairman, the Commission may elect a Chairman or Vice Chairman from its membership by a simple majority vote of its members. The Chairman, and in his absence the Vice Chairman, shall call and preside over meetings of the Board of Commissioners, direct the recording of minutes of its deliberations, and appoint committees and assign their respective activities.

D. A Commissioner shall receive no compensation for his services but shall be entitled to necessary expenses, including traveling expenses, incurred in the discharge of his duties. Each Commissioner shall hold office until his successor has been appointed and qualified. A certificate of the appointment or reappointment of any Commission member shall be filed with the clerk of the municipality and such certificate shall be conclusive evidence of the due and proper appointment of such Commission member. Commissioners shall not be personally liable for obligations of the Urban Renewal Authority.

E. The powers of an Urban Renewal Authority shall be exercised by the Commissioners thereof. A majority of the Commissioners shall constitute a quorum for the purpose of conducting business and exercising the powers of the Authority and for all other purposes. Action may be taken by the Authority upon a vote of a majority of the Commissioners, unless in any case its bylaws shall require a larger number. Any person may be appointed as a Commissioner if he has resided for five (5) years within the municipality or an area annexed to the municipality and is otherwise eligible for such appointment under this article.

F. The Urban Renewal Authority may employ an executive director, technical experts and such other agents and employees, permanent and temporary, as it may require, and determine their qualifications, duties and compensation. The Authority may receive legal services of the staff of the municipality or it may employ or retain its own legal counsel and legal staff and may contract for any services necessary to its operation under this article. An Authority authorized to transact business and exercise powers under this article shall file, with the mayor and the municipal governing body, on or before July 31 of each year, a report of its activities for the preceding fiscal year ending June 30, which report shall include a complete financial statement setting forth its assets, liabilities, income and operating expenses as of the end of such fiscal year. At the time of filing the report, the Authority shall publish in a newspaper of general circulation in the area of operation, a notice to the effect that such report has been filed with the mayor and municipal governing body and that the report is available for inspection during business hours in the office of the clerk or other appropriate officer of the municipality and in the office of the Urban Renewal Authority.

G. A Commission member may be removed from office prior to the expiration of the term for which he was appointed only for inefficiency or neglect of duty or misconduct in office by a two-thirds majority vote of the municipal governing body after hearing based on charges which are written and a copy delivered to such Commission member at least ten (10) days before such hearing. A Commission member may represent himself at such hearing or be represented by counsel.

Amended by Laws 1986, c. 118, § 1, emerg. eff. April 9, 1986.