There is hereby established an insurance fund for the Borough of Seaside Heights. The insurance fund is created pursuant to and for the purposes set forth in N.J.S.A. 40A:10-6.
There is hereby established a Seaside Heights Insurance Fund Commission, which shall be an official agency of the Borough of Seaside Heights.
The Insurance Fund Commission shall consist of three officials of the Borough of Seaside Heights to serve as Insurance Fund Commissioners. Members of the governing body may be appointed as Insurance Fund Commissioners. The Insurance Fund Commissioners shall organize and select one person to serve as Chairperson of the Insurance Fund Commissioners for a one-year term. The Insurance Fund Commissioners shall serve without compensation.
Insurance Fund Commissioners shall be appointed for two years or for the remainder of their term of office as officials of the municipality, whichever shall be less, and until their successors have been duly appointed and qualified. Vacancies in the office of Insurance Fund Commissioner caused by any reason other than the expiration of term as an official shall be filled for the unexpired term.
The Insurance Fund Commissioners shall have those powers and authorities set forth in N.J.S.A. 40A:10-10.
The Insurance Fund Commissioners shall appoint an individual to serve as Secretary to the Insurance Fund Commission. The Secretary shall serve at the pleasure of the Commission and receive such salary as is authorized by the governing body.