The entire management and control of the said water system and property shall be vested in the Village of North Bennington acting through a Board of Water Commissioners, five in number, at least four of whom shall be residents of the Village of North Bennington. Vacancies in their number caused by death, resignation, completion of term, removal, or any other cause shall be filled by the Trustees of said Village. If a majority of the remaining Commissioners proposes to Trustees, in writing, within 15 days of the occurrence of any vacancy, at least two qualified candidates for each such vacancy, the Trustees shall appoint one of the two qualified candidates. If such nominations are not made within 15 days, or if the Trustees in their sole discretion conclude that not all of the candidates are qualified, then the Trustees may appoint a new commissioner of their sole choice. Commissioners may be recalled without cause by vote of a majority of Commissioners and of at least 75 percent of the Trustees. The Commissioners shall serve a term of five years. The Commissioners shall elect a Chair annually, who shall serve for no more than three consecutive one-year terms as Chair. The Commissioners may vote to create other officers in their discretion. The Board shall meet at least monthly. Water Commissioners may be paid an annual stipend in an amount determined by the Trustees. (Amended 1989, No. M-21 (Adj. Sess.), § 2, eff. Oct. 3, 1990.)