The Board of Appeals shall consist of three (3) members appointed by the Council for a term of four (4) years or until their successors are appointed and duly qualified. The term of appointments shall coincide with the term of office of the Council. The members of the Board of Appeals shall be compensated at the rate of One Thousand Dollars ($1,000.00) per month. The Chairman thereof shall be compensated an additional One Thousand Seven Hundred Fifty Dollars ($1,750.00) per year for administrative responsibilities. The Council shall designate the Chairman and the Vice-chairman of the Board of Appeals.