A board of directors is established to govern the affairs of the corporation. All corporate powers of the corporation shall be exercised by or under the authority of, and the business, property and affairs of the corporation shall be managed under the direction of, the board of directors, except as may otherwise be provided in the charter, the bylaws or state law. The board of directors of the corporation shall be composed of the mayor of the city and the economic development committee, which shall be limited to two members of the city council, as constituted from time to time acting ex officio as directors. Each director shall serve on the board for ‘so long as the director shall be the mayor or a member of the economic development committee of the city council. (Ord. 1142 § 6, 1984).