(1) A judge of the Business and Chancery Court is appointed to initially serve until the first general election held more than three years after the day on which the appointment is effective.

(2) After the initial term described in Subsection (1), the term of office of a judge of the Business and Chancery Court is six years and commences on the first Monday in January following the date of election.

(3) A judge of the Business and Chancery Court whose term expires may serve, upon request of the Judicial Council, until a successor is appointed and qualified.