Sec. 6. (a) This section applies to towns that establish a department of economic development.
(b) The members of the economic development commission shall be appointed by the town executive. One (1) of the members shall be selected by the town executive, one (1) shall be nominated by the fiscal body of the county in which the town is located, and one (1) shall be nominated by the town fiscal body.
(c) The economic development commissioners shall take office upon their appointment, and their terms run from February 1 after their original appointment, for a period of:
(1) three (3) years, if selected by the town executive;
(2) two (2) years, if nominated by the town fiscal body; and
(3) one (1) year, if nominated by the county fiscal body.