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banks as the Authority may select. He/she shall keep regular books of accounts showing receipts <br />and expenditures and shall render to the Authority, at each regular meeting (or oftener when <br />requested), an account of his/her transactions and also of the financial condition of the Authority. <br />He/she shall give such bond for the faithful performance of his/her duties as the Authority may <br />determine. <br />The compensation of the Executive Director shall be determined by the Authority. <br />Section 6. Additional Duties. The officers of the Authority shall perform such other <br />duties and functions as may from time to time be required by the Authority of the bylaws or rules <br />and regulations of the Authority. <br />Section 7. Election or Appointments. The first Chairman shall, pursuant to his/her <br />appointment, serve in the capacity of Chairman until continuation or expiration of his/her term of <br />office as Commissioner. The Vice -Chairman, Secretary, and except in the case of the first <br />Chairman, the Chairman shall be elected at the annual meeting of the Authority from order of the <br />Commissioner of the Authority, and shall hold office for one year or until their successors are <br />elected and qualified. <br />The Executive Director shall be appointed by the Authority. Any person approved to fill <br />the office of Executive Director, or vacancy therein, shall have terms as the Authority fixes, but <br />no Commissioner of the Authority shall be eligible to this office. <br />Section 8. Vacancies. Should the office of Chairman, Vice -Chairman, or Secretary <br />become vacant the Authority shall elect a successor from its membership at the next regular <br />meeting, and such election shall be for the unexpired term of that office. When the office of <br />Executive Director becomes vacant, the Authority shall appoint a successor, as aforesaid. <br />Section 9. Additional Personnel. The Authority may from time to time employ such <br />personnel as it deems necessary to exercise its powers, duties and functions as prescribed by the <br />-3- <br />10 <br />