(a) The Authority consists of the following nine members: (1) eight residents of the State appointed by the Governor; and (2) the Treasurer or a deputy treasurer designated by the Treasurer. (b) Each year the Governor shall designate one member as chair and one as vice chair. (c) Before taking office, each member shall take an oath to administer the duties of the office faithfully and impartially. (d) (1) The term of an appointed member is 5 years and begins on July 1. (2) The terms of members are staggered as required by the terms in effect for members of the Authority on October 1, 2008. (3) At the end of a term, a member continues to serve until a successor is appointed and qualifies. (4) The Governor shall fill any vacancy for the unexpired term. (e) The Governor may remove an appointed member at any time.