Sec. 2. Appointments to the authority under section 1(c)(3) of this chapter are for terms of four (4) years. Each member appointed to the authority under section 1(c)(3) of this chapter:
(1) holds office for the term of this appointment;
(2) continues to serve after expiration of the appointment until a successor is appointed and qualified;
(3) is eligible for reappointment; and
(4) may be removed from office by the governor with or without cause and serves at the pleasure of the governor.
The governor shall fill a vacancy for the unexpired term of any member appointed under section 1(c)(3) of this chapter.