(a) Each member of the Coordinating Board shall serve at the pleasure of the Commission for a term of four years, except as qualified in subsections (a)(2) and (a)(4).
(1) The term of office for each of the seats on the Coordinating Board appointed by the Commission shall commence on July 1, 2023, at noon.
(2) To provide for staggered terms, the members appointed to Seats 2, 4, 6, and 8 shall serve for an initial term of two years starting at noon on July 1, 2023 and ending at noon on July 1, 2025; thereafter the term for Seats 2, 4, 6, and 8 shall be a four-year term, with the first such term starting on July 1, 2025 at noon. The members appointed to Seats 1, 3, 5, 7, and 9 shall serve for an initial term of four years starting at noon on July 1, 2023 and ending at noon on July 1, 2027, with the next four-year term starting at that time.
(3) If the Commission does not appoint a member to a seat prior to the commencement of the term on July 1, 2023, the member of the Coordinating Board in that respective seat shall remain as a holdover in the seat until the Commission appoints a member to the seat; provided, however, that the holdover member serves at the pleasure of the Commission.
(4) Notwithstanding subsection (a)(1), the Commission has discretion to appoint members to seats on the Coordinating Board prior to July 1, 2023, to serve on the Coordinating Board for whatever time remains between such appointment and July 1, 2023, at noon.
(5) Members of the Coordinating Board who are seated as of July 1, 2023 prior to the commencement of the term at noon, may be appointed by the Commission for that term provided they meet the qualifications for the seat to which the Commission appoints them.
(b) If a vacancy occurs in any seat on the Coordinating Board, the Commission shall appoint a successor to that seat, to complete the remainder of the term of the vacated seat.
(c) Members of the Coordinating Board shall receive no compensation.
(d) Any member who misses three regular meetings of the Coordinating Board without the express approval of the Coordinating Board at or before each missed meeting shall be deemed to have resigned from the Coordinating Board 10 days after the third unapproved absence. The Coordinating Board shall inform the Commission of the resignation.