The said Board of Electric Light Commissioners shall have the authority to control, manage, and operate the electric light plant now or hereafter owned by said Village. Said Board shall have the care and management of all property pertaining to the electric light plant, and shall make and adopt such bylaws and regulations concerning the management and use of such electric light plant not inconsistent with law as it may deem expedient, including the fixing and collecting of electric light rates and rentals; and shall for and in the name of said Village make all contracts pertaining to and purchase all material used in the said Electric Light Department; shall examine and settle all bills and claims connected with the said Department, and shall draw its order on the Treasurer of said Village to pay the same. Said Board may in its discretion appoint a superintendent of the electric light department, fix his or her compensation, and remove him or her at pleasure.