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BE IT ORDAINED by the Council of the City of Portsmouth, Virginia.~ <br /> <br /> Section 1-.- l~dustrial Development' AuthSrity of the City of ~Ports- <br /> mouth- creation; c~mposition. <br /> <br /> Pursuant to the .p. rovisions of the Industrial ,Development .and Revenue <br /> Bond Act~ Chapter 33, Title 15.1, Code of Virginia of 1950, as amended, a <br /> po!itmcai sub mvmsion of the Co~mom~,ealth of Virginia to be ~known as the <br /> Industrial DeveIopment Authority of the City of Portsmouth, is hereby created. <br /> The Authority shall consist of seven directors,-appointed by the Council. <br /> All directors shall be residents of the City~ <br /> <br /> Section 2. Same - terms of directors; oath; vacancies; compensation. <br /> <br /> ~ -/ The terms of the appointed directors shall begin on the effective <br />· ~ate of this ordinance. Of the original .board, two Of,the app0inted ~re~tOrs <br /> sh~l~ be appointed for a term of one year, two for a term of two years, two <br /> for a term of t~ee years and one for a term of four years. At th6 expiration <br /> of the respective ter~z of such appointed directors., their successors shall <br /> be appointed for .terwz of four yea~s.' The appointed directors Shall hold <br /> office during themr respective ter~z and until their successors are appointed <br /> and qualified. All vacancies shall be filled by appointment by the council for <br /> the remainder of the unexpired term.~Each director shall take the oath of <br /> office prescribed by Section 49-1 of~ the Code of Virgil_la, and if any such <br /> director shall, for thirty days after receiving notice of such appointment, <br /> fail to take such oath, he shall be considered as having declined said <br /> offiae, au~ the same shall be deemed vacant.,No director shall be an <br /> officer or employee of the municipality. The directors shall receive no <br /> salary but shall be reL~bursed for necessary traveling and other expenses <br /> incurred in the performance of their duties, <br /> <br />Section 3. Same - organization; quorum; keeping of records. <br /> <br /> The directors shall elect from their membership a chairman, a vice- <br />cb~r~m~n, ~r~ from their mambership or not, as they desire, a secretary and <br />a treasurer, or a secretary-treasurer~ Four members of the board Of directors <br />shall constitute a quorum of the board for the purposes of conductLug its <br /> <br /> <br />