(a) The planning and zoning board is established. The members of the planning and zoning board shall serve without compensation. The board shall consist of seven members. Five regular members shall have full voting rights. Two alternate members shall be restricted from voting, except as specified in section 58-32.

(b) All terms of office of the planning and zoning board shall be for two years.

(c) Appointments to the board shall be made by majority vote of the city council.

(d) The board shall hold its organizational meeting at the first regular meeting after September 15 each year and from its regular membership elect its chairman, who shall hold office as chairman for a period of one year.