Modifies the charter of the Town of Red Springs (Town) set forth in SL 1949-1252, as previously amended. Extends the term of office for members of the board of commissioners from two to four years. Eliminates the provision requiring the terms of office for the commissioners to begin on the first day of July following their election. Establishes a term of two years for the mayor, with the mayor serving until his or her successor is elected or qualified. Mandates that the office of mayor or commissioner is immediately vacated if the mayor or any commissioner ceases to possess the qualifications set out in the charter or the qualifications set out in Article VI of the constitution (currently, disqualified conviction of a crime involving moral turpitude instead of being disqualified by Article VI). Eliminates the provisions specifying the salaries of the mayor and commissioners and prohibiting authorized ordinances which fix or change these salaries from becoming effective during the current term of office of the board. Instead, authorizes the board of commissioners to fix its own compensation and the compensation of the mayor, as well as any other elected officers of the town as authorized in GS 160A-64. Prohibits the board from fixing the compensation above the average compensation for mayors or commissioners included in the most recent annual survey of municipal salaries for towns with a population of 2,500 to 5,000 published by the NC League of Municipalities.