There shall be a Planning Board which shall consist of seven members who shall be appointed by the Town Board in such manner and for such terms as provided in state law.

The Planning Board shall have such powers and duties as are granted to it or imposed on it by state law. The Planning Board may adopt, after a public hearing, such rules, regulations and forms as it may deem necessary for the proper and efficient discharge of its duties, so long as such rules, regulations and forms do not conflict with state law. Such rules, regulations and forms are subject to the approval of the Town Board.

The Planning Board is hereby granted the authority to employ the powers set forth in Town Law § 278 and to apply them to all undeveloped residentially zoned land in the Town when, in the Planning Board's discretion and judgment, such use of those powers will benefit the Town.