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for a housing finance authority to function to alleviate a shortage of housing and capital for investment in housing in its area of operation. (2) In any suit, action, or proceeding involving the validity or en- forcement of or relating to any contract of a housing finance authority, the housing finance authority shall be conclusively deemed to have been estab- lished and authorized to transact business and exercise its powers under this act upon proof of the adoption of an ordinance by the appropriate governing body declaring the need for the housing finance authority. The ordinance shall be sufficient if it declares the need for such a housing finance authority and finds that there is a shortage of housing and capital for in- vestment in housing within its area of operation. A copy of the ordinance certified by the clerk of the circuit court shall be admissible in evidence in any suit, action, or proceeding. (3) The county for which the housing finance authority is created may, at its sole discretion, and at any time, alter or change the structure, organ- ization, programs or activities of any housing finance authority, including the power to terminate such authority, subject to any limitation on the im- pairment of contracts entered into by such authority and subject to the limitations or requirements of this act. Section 5. Members; employees; duties and compensation. -- (1) Each housing finance authority shall be composed of five members appointed by the governing body of the county for which the housing finance authority is created, one of whom shall be designated chairman. Not less than three of the members shall be knowledgeable in one of the following fields: labor, finance or commerce. The terms of the members shall be 4 years each, except that the terms of the initial members shall be as follows: two members shall serve a term of 1 year; one member shall serve a term of 2 years; one member shall serve a term of 3 years; and one member shall serve a term of 4 years. A member of the housing finance authority shall hold office until his successor has been appointed and has qualified. Each vacancy shall be filled for the remainder of the unexpired term. A certificate of the appointment or reappointment of any member of the housing finance authority shall be filed with the Clerk of the Circuit Court of the county, and the certificate shall be conclusive evidence of the due and proper appointment of the member. A member shall receive no compensation for his services, but shall be entitled to necessary expenses, including traveling expenses, incurred in the discharge of his duties.