§ 70. Commission created; terms and qualifications of members. A law revision commission is hereby created, to consist of the chairman of the committees on the judiciary and codes of the senate and assembly, ex-officio, and five additional members, to be appointed by the governor. The members first appointed by the governor shall be appointed for such terms that the term of one member will expire on each succeeding thirty-first day of December. The term of a member thereafter appointed, except to fill a vacancy occurring otherwise than by expiration of term, shall be five years from the expiration of the term of his predecessor. A vacancy in the office of a member appointed by the governor occurring otherwise than by expiration of term, shall be filled by the governor for the remainder only of the term. Upon making the original appointments, the governor shall designate one of the appointed members as chairman of the commission. Upon the appointment of a successor to the chairman of the commission, the governor shall designate such successor or other member of the commission as chairman. Four members appointed by the governor shall be attorneys and counselors at law, admitted to practice in the courts of this state, and at least two of them shall be members of law faculties of universities or law schools within the state recognized by the board of regents of the state of New York.