A. A revolving loan fund committee is created and shall consist of five (5) members, two (2) of whom shall represent Aberdeen business and property owners, one (1) from the financial community, one (1) Aberdeen city council member and one (1) citizen-at-large. Members shall be appointed to the committee by the mayor with confirmation of the city council.

B. The committee shall elect a chairman and a vice-chairman among its members who shall hold office for (1) one year. Meetings shall be held whenever deemed necessary by the chairman or a majority of its members. A written record of its minutes shall be maintained by the planning division of the community development department. A majority of the membership of the committee shall constitute a quorum for the transaction of business. Members shall serve without compensation; however, they may be reimbursed for expenses necessarily incurred in performing their official duty.