a. The affairs of the development corporation shall be conducted and carried out by the board of directors. The board shall elect among its own members a president, a vice-president and a secretary, and may appoint other officers, agents and employees to carry out its duties as provided in the Charter. The board of directors shall adopt rules and regulations governing the conduct of the corporation.

b. Members of the board of directors shall serve with such compensation and reimbursement of expenses as may be provided in the rules and regulations to be adopted by the board of directors. (Ord. M-2581 §6, 1985)