The board of supervisors of such county or the governing authority of such city shall appoint the members of such commission. In making the first appointments, one (1) member shall be appointed for a term of one (1) year, one (1) member for a term of two (2) years, one (1) member for a term of three (3) years, one (1) member for a term of four (4) years, and one (1) member for a term of five (5) years. If the governing authorities shall elect to continue an existing commission in effect, then the order so providing shall reappoint the membership of such commission for varying terms of from one (1) to five (5) years, as hereinabove provided in cases of a newly established commission and, thereafter, their successors shall be appointed for a term of five (5) years. Said governing authorities shall, by resolution entered upon their minutes, prescribe the duties, powers, and rights of such commission and provide for the reasonable compensation, if any, of such commissioners. The acts of such commissioners shall regularly, and not less than four (4) times each year, be reported to such governing body and be subject to its approval and concurrence.