Sec. 7. (a) This section applies to the board of a land bank established by a second class city.

     (b) The board of a land bank to which this section applies is comprised of the following:

(1) Three (3) directors appointed by the executive of the second class city. A director appointed under this subdivision must be a resident of the second class city.

(2) Three (3) directors appointed by the legislative body of the second class city. A director appointed under this subdivision must be a resident of the second class city.

(3) A director appointed by the county treasurer of the county in which the second class city is located, or the county treasurer of the county in which most residents of the second class city reside, if the second class city is located in more than one (1) county. A director appointed under this subdivision must be a resident of the second class city.

(4) At most two (2) additional directors appointed, as applicable, in the manner and subject to the requirements set forth in the land bank’s bylaws.

     (c) The terms of the initial directors of a land bank to which this section applies are equal to:

(1) the remainder of the calendar year in which the land bank is established; plus

(2) a number of additional years equal to:

(A) one (1) calendar year, for directors appointed under subsection (b)(1);

(B) two (2) calendar years, for directors appointed under subsection (b)(2); and

(C) three (3) calendar years, for directors appointed under subsection (b)(3) or (b)(4).

As added by P.L.211-2016, SEC.1.