(a) The board of commissioners for the district, consisting of five (5) owners of real property in the district or officers or stockholders of a corporation owning real property within the district shall be appointed as follows:
(1) Four (4) commissioners shall be appointed by the governing body of the city, and if the district includes all territory within the corporate limits of the city no more than one (1) member of the board shall be appointed from each of the wards in the city;
(2) One (1) commissioner shall be appointed by the mayor of the city from the district at large.
(b) Any vacancy occurring on the board shall be filled in the same manner herein prescribed for the initial appointments.
(c) The members of the board shall receive no compensation for their services but may be reimbursed for their actual expenses incurred in the performance of their duties.
(d) The governing body of the city shall have the authority to remove any member of the board by a two-thirds (2/3) vote of the membership of the governing body for cause, after a hearing thereon at which the board member proposed to be removed and all other interested parties shall be given an opportunity to be heard.