(a) The authority shall have a board of directors in which all powers of the authority shall be vested and that shall consist of any number of directors, no fewer than five (5), a majority of whom shall be duly qualified electors of and taxpayers in the municipality. The directors shall serve as such without compensation, except that they shall be reimbursed for their actual expenses incurred in and about the performance of their duties under this chapter. No director shall be an officer or employee of the municipality. The directors shall be appointed by the executive officer of the municipality with the approval of the governing body of the municipality, and they shall be so appointed that they shall hold office for staggered terms. At the time of the appointment of the first board of directors, the executive officer of the municipality shall divide the directors into three (3) groups containing as near equal whole numbers as possible. The first term of the directors included in the first group shall be two (2) years, the first term of the directors included in the second group shall be four (4) years, the first term of the directors included in the third group shall be six (6) years, and thereafter the terms of all directors shall be six (6) years; provided, that, if at the expiration of any term of office of any director, a successor has not been appointed, then the director whose term shall have expired shall continue to hold office until such director's successor shall have been so appointed.

(b) In the event that an existing parking authority shall elect to be governed by this chapter, the executive officer of the municipality, with the approval of the governing body of the municipality, may appoint as directors of the authority the members of the board of directors of the existing parking authority serving immediately prior to its dissolution, and such directors shall thereafter serve in accordance with this section.

(c) The directors shall meet and organize as a board and shall elect one (1) of their members as chair, one (1) as vice chair, one (1) as treasurer and one (1) as secretary, and such officers shall annually be elected thereafter in a like manner. The duties of secretary and treasurer may be performed by the same director. Any action taken by the directors under this chapter may be authorized by resolution at any regular or special meeting, and such resolution shall take effect immediately and need not be published or posted.