Establishment. There shall be a Planning Board of five members pursuant to the provisions of the Village Law, with all the power and duties prescribed by law and by this chapter. The Board of Trustees shall designate one member of the Planning Board to serve as Chairperson of such Board for a period of one official year. In addition to the five regular members of such Board, the Board of Trustees may appoint two ad hoc members to the Planning Board. Such ad hoc members shall serve on the Planning Board whenever absences or conflicts of interest of regular members prevent five regular members from hearing an application or applications. The powers and duties of the Planning Board are summarized and more particularly specified as follows, provided that none of the following provisions shall be deemed to limit any power of the Planning Board.