There is hereby created a State Board of Internal Control that consists of:
(1) Four individuals representing state agencies under the control of the Governor, appointed by the Governor;
(2) The commissioner of the Bureau of Finance and Management, who serves as the chair;
(3) The state auditor; and
(4) An individual appointed by the executive director of the Board of Regents.
Each individual appointed by the Governor serves a three-year term, provided that the initial appointments are for staggered terms. Any four of the seven members constitutes a quorum.