The governing body of each municipality is hereby authorized to create, by ordinance, a local harbor and water front commission to be known as "The Harbor Commission of " (here insert name of municipality). Such commission shall consist of seven persons, residents of such municipality, and shall be appointed by the governing body. Two members of said commission shall be members of the governing body and shall be appointed annually, and the remaining five members shall be appointed for the following terms: one member for a term of one year; one for a term of two years; one for a term of three years; one for a term of four years and one for a term of five years. Thereafter all appointments, except the members of the governing body who shall be appointed for the period of one year, shall be for the term of five years each, and the members shall serve until their successors are appointed and qualified.
N.J.S. § 40:68-22