(A) There is created the Pinewood Development Authority a body politic and corporate. The authority shall consist of these ex officio members:
(1) the chairman of the Sumter County Council or a council member designated by the chairman;
(2) the chairman of the Clarendon County Council or a council member designated by the chairman;
(3) one member of the Sumter County Council who represents the geographical area within which this fund may be used for economic development;
(4) one member of the Clarendon County Council who represents the geographical area within which this fund may be used for economic development.
(B) The authority shall approve, by a majority vote, the expenditure of funds from the Pinewood Development Fund, as created in Section 44-56-164(B) and may acquire and develop real and personal property and exercise all powers incidental to developing the Pinewood area pursuant to Section 44-56-164(B).