(a) The Board shall be composed of seven (7) members appointed by the Governor. The term of office of members of the Board shall be three (3) years. No member shall serve more than two (2) consecutive terms. All members shall serve, in addition to their regular term, until their successors are appointed and qualified.

(b) The term of each member shall commence on July 1 following his appointment and the terms of the members shall be rotated so that no more than three (3) members’ terms shall expire each year. The present members of the Board shall serve as members of this Board until the expiration of their respective terms or until their successors are appointed and qualified.

(c) Any vacancy in the membership of the Board shall be filled for the period of the unexpired term in the same manner as was the original appointment.