(1) Each member of the board shall be at least twenty-five (25) years of age and of good moral character.
(2) Each member shall be of recognized standing in the member's branch of the contracting business.
(3) Subdivision (a)(2)(A) does not apply to the member who is not engaged in the business of contracting.
(4) The terms of members shall be for a seven-year period and staggered so that the term of at least one (1) member shall expire each December 31.
(5) In event of death, resignation or failure of a member to serve the full term, a successor shall be appointed to the unexpired term. Each member shall hold over after the expiration of the member's term until the successor has been duly appointed and qualified. If vacancies occur in the board for any cause, the vacancies shall be filled by appointment of the governor.
(6) The governor may remove any member of the board for official misconduct, incompetency or willful neglect of duty.