The term of office of each member of the board appointed by the Governor is four years, but a member serves at the pleasure of the Governor. A member is eligible for reappointment. If there is a vacancy for any cause, the Governor shall make an appointment to become immediately effective for the unexpired term.
Each legislative member serves at the pleasure of the appointing authority and may serve as long as the member remains in the chamber of the Legislative Assembly from which the member was appointed.
The State Treasurer or the designee appointed to the board under subsection (1) of this section shall serve as chairperson of the board.
A majority of the voting members of the board constitutes a quorum for the transaction of business.