(1) Members of judicial nominating commissions, both statewide and local, shall hold office for a term of four (4) years and until such time as their successors shall be appointed or elected, except as provided in subsection (2).
(2) Of those members appointed by the Governor to the first judicial nominating commissions, the appointments shall be as follows:
(a) One (1) member of the political party having the largest number of registered voters and one (1) member of the political party having the second largest number of registered voters shall be appointed for a term to expire January 1, 1980; and (b) One (1) member of the political party having the largest number of registered voters and one (1) member of the political party having the second largest number of registered voters shall be appointed for a term to expire January 1, 1978.
(3) Thereafter, as each term expires, the vacancy so created shall be filled by an appointee from the same political party for a term of four (4) years.
(4) Appointments or elections to fill the unexpired term of a member shall be for the remainder of the term.
(5) Members representing the bar shall be elected according to rules promulgated by the Supreme Court with the expenses of the elections being paid from the State Treasury.