§ 2-487. Terms.

The terms of the members appointed as directors of the housing finance corporation shall be as follows:

(1)

Three of the initial five directors shall be designated by the council to serve a one-year term. The remaining two directors shall be appointed for two-year terms.

(2)

Subsequent terms of all directors shall be for two years.

(3)

All terms shall be deemed to commence on April 1 of the year of appointment.

(4)

A director may be removed from office for cause or at will, and no director shall be appointed for a term in excess of six years.

(Code 1967, § 2-71; Ord. No. 2718, § 1, 8-23-79)