N.J. Stat. § 40:54A-2
The members of each authority shall be appointed by the mayor or other executive head of the municipality of its creation. Each member shall be, for the last 5 years preceding his appointment, a citizen of the United States and a qualified voter of the State of New Jersey. One member shall be appointed for 1 year, one member for 2 years, one member for 3 years, 2 members for 4 years and 2 members for 5 years. At the expiration of each of the above terms, the new member or members shall be appointed for a term of 5 years. Vacancies in the membership of any authority, occurring for whatever cause, shall be promptly filled by appointment by the mayor or other executive head for the unexpired term thereof. Members shall serve for their respective terms and until their successors are appointed and qualify.
Each member shall be chosen with a special view to his qualifications and fitness for service on the authority.
No member, officer or employee of any authority shall be interested directly or indirectly in any contracts for work or materials used by the authority, or in any sales, leases or agreements in connection with lands, buildings or other property owned or controlled by it, or in any fees or compensation of any kind paid to any broker, architect, engineer, merchant or other person doing business with the authority or in any other transaction of or with the authority, or the benefits or profits thereof.
Each member and officer of the authority shall, before assuming office, take and subscribe an oath that he will faithfully and impartially discharge the duties of his office.
The members and officers of the authority shall serve without compensation, but each shall receive his actual disbursements for his expenses in performing his duties.
The members of the authority shall choose annually from among its members a chairman or president, and such other officers as it may deem necessary. The mayor or other executive head of the municipality served by the authority, shall be ex officio a member thereof.
A majority of the members shall constitute a quorum of the board.
The members and officers may be required to furnish bonds to the authority, to secure the faithful discharge of their duties, in form, amount and with such surety as may from time to time be required by resolution of the governing body of the municipality served by the authority.
N.J.S. § 40:54A-2