1054

(a) The Corporation shall be governed by a Board of Directors consisting of five members appointed by the Governor.\n(b) The Board of Directors shall be appointed by the Governor within 30 calendar days after the effective date of this chapter or 180 days after the date of a vacancy. Three of the board members shall serve a term of three years, and two of the board members shall serve a term of four years, except that a board member selected to fill a vacancy occurring before the end of the term for which his predecessor was selected shall serve only until the end of the term. The Chairman of the Board shall be elected by a majority of the Board of Directors of the Corporation. A board member may serve after the expiration of his term until his successor has taken office.