There is hereby created a Slum Clearance and Redevelopment Commission to be hereafter known as the Urban Renewal Commission to consist of five members. The Commissioners who are first appointed pursuant to this chapter shall be designated to serve one for one year, one for two years, one for three years and two for four years each from the date of their appointment, but thereafter Commissioners shall be appointed for a term of office of four years, except that all vacancies shall be filled for the unexpired term. (Code 1962, § 33-2)