(a) The administration, management, and supervision of the Authority shall be vested in a Board of Commissioners, except as provided otherwise herein. The Board shall consist of nine members, all of whom shall be residents of the City of Rutland for their respective terms of office. One member of the Board shall be the City Treasurer, and one member will be appointed from the Board of Aldermen for a one year term. The remaining seven members of the Board shall be appointed by the Mayor with the approval of the Board of Aldermen pursuant to the charter of the City of Rutland. All members appointed except for members appointed for creation of this Board shall serve for periods of three years. Upon creation, three members shall be appointed for a term to expire on April 1 of the third calendar year after appointment; two members shall be appointed for a term to expire April 1 of the second calendar year after appointment; and two members shall be appointed for a term to expire on April 1 of the first calendar year after appointment. All terms shall thereafter expire on April 1 of the third calendar year following appointment. A person appointed to fill an unexpired term shall serve to the end of that term. At the creation of the Commission, the appointments may only be denied by a majority vote of the Board of Aldermen and then thereafter, all appointments will be made pursuant to the charter of the City.

(b) Annually the Board shall elect a Chairman, Treasurer, and Clerk whose names shall be certified to the City Clerk.

(c) If any commissioner or employee of an Authority owns or controls an interest, direct or indirect, in any property included or planned to be included in any project, he or she immediately shall disclose the same in writing to the Authority and such disclosure shall be entered upon the minutes of the Authority, and that person will refrain from any participation in that matter, but will not be precluded from involvement in any other matters.