(1) There is hereby created, with such duties and powers as are set forth in this act, a body politic and corporate, not a state agency, but an independent instrumentality exercising essential public functions, to be known as the Mississippi Hospital Equipment and Facilities Authority.
(2) The authority shall be governed by seven (7) members who shall be appointed by the Governor with the advice and consent of the Senate.
(3) The members shall at all times include the following: One (1) resident of each of the three (3) Supreme Court districts in the state;
(4) One (1) certified public accountant experienced in hospital finance;
(5) One (1) possessing not less than ten (10) years’ experience in hospital management and finance;
(6) One (1) banker with experience in commercial lending or one (1) investment banker with experience in municipal finance;
(7) One (1) chosen at large.
(8) All members shall be residents of the state.