A.
There is hereby established a Board of Ethics consisting of six members who are residents of the Borough of Fort Lee, at least two of whom shall be public members. The members shall be chosen by virtue of their known and consistent reputation for integrity and their knowledge of local government affairs. No more than three members of the Ethics Board shall be of the same political party.
B.
The members of the Board of Ethics shall annually elect a Chairman from among the membership.
C.
The members shall serve for terms of five years; except that of the members initially appointed, two of the public members shall be appointed to serve for terms of five years, one member shall be appointed to serve for a term of four years, and the remaining members shall be appointed to serve for terms of three years. Each member shall serve until his successor has been appointed and qualified. Any vacancy occurring in the membership of the Board of Ethics shall be filled in the same manner as the original appointment for the unexpired term.
D.
Members of the Board of Ethics shall serve without compensation but shall be reimbursed by the municipality for necessary expenses incurred in the performance of their duties under this chapter.