Section 1425-C. Hudson parking authority

A board to be known as "Hudson
  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  city  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 city 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.