Membership of Board and terms of office. The Committee shall be composed of one member of the governing body, whose appointment shall be for one year, and four additional residents of the Borough, whose terms shall be for three years each, except that when the Board is initially appointed, one resident member shall be appointed for one year, one member for two years and the third member for three years. Appointments to fill vacancies resulting from resignations or removals from office shall be for the departing member's unexpired term.