Section 1402. Amsterdam parking authority

A board to be known as "Amsterdam
  parking  authority"  is  hereby  created.  Such  board  shall  be a body
  corporate, constituting a public benefit corporation, and its  existence
  shall  commence  upon the appointment of the members as herein provided.
  It shall consist of a chairman and four  other  members,  who  shall  be
  appointed  by  the  mayor with the approval of the common council of the
  city. Of the members first appointed,  one  shall  be  appointed  for  a
  period  of  one year, one for a period of two years, one for a period of
  three years, one for a period of four years, and one  for  a  period  of
  five  years.  At  the  expiration  of such terms, the terms of office of
  their successors shall be five years.  Each  member  shall  continue  to
  serve   until  the  appointment  and  qualification  of  his  successor.
  Vacancies in such board occurring otherwise than by  the  expiration  of
  term  shall  be  filled for the unexpired term. The members of the board
  shall choose from their number a vice-chairman. The common  council  may
  remove  any  member  of  the  board for inefficiency, neglect of duty or
  misconduct in office, giving him a copy of the charges against  him  and
  an  opportunity  of being heard in person, or by counsel, in his defense
  upon not less than ten days' notice. The members of the board  shall  be
  entitled  to no compensation for their services but shall be entitled to
  reimbursement for their actual and necessary expenses  incurred  in  the
  performance  of their official duties. The powers of the authority shall
  be vested in and exercised by a majority of the  members  of  the  board
  then in office. Such board may delegate to one or more of its members or
  to  its  officers, agents and employees such powers and duties as it may
  deem proper. Such board and its corporate existence shall continue  only
  for  a  period  of  five years, and thereafter until all its liabilities
  have been met and its bonds have been paid in full or  such  liabilities
  or  bonds have otherwise been discharged. Upon its ceasing to exist, all
  its rights and properties shall pass to the city.