(a)
(1) If, in any municipal corporation subject to the provisions of this subchapter, there shall be in existence a board or commission created by or acting under any existing ordinance passed by the city council of the city and approved by its mayor, and if the members of the board shall have been elected by popular vote pursuant to any existing law, ordinance, or practice, and, if the board shall be actually operating and controlling the municipally owned plant or plants upon the passage of this act, the members of the board so elected shall constitute the membership of the board as created under § 14-201-204.
(2) Their terms shall expire in accordance with the dates of their election to the board by popular vote at any prior city election.
(b) If, prior to the passage of this act, any board of five (5) members shall be in existence as last hereinabove provided under this section and shall have elected its president and secretary or other officers, then the president, secretary, and other officers shall remain in office for the term to which they have been elected and thereafter shall be elected by the board annually.