(1) A board is created that shall be known and designated as the board of optometry. This board shall consist of five (5) members, all of whom shall be licensed to practice the full scope of optometry and be residents of Tennessee and actively practicing optometrists in Tennessee for a period of five (5) or more years immediately preceding their appointment.
(2) No person shall be eligible for appointment who is in any way connected with or has any financial interest in the optical dispensary or optical department of any institution of learning or in the wholesale optical or optometric supply business.
(3) The present board members shall serve out their respective terms. Thereafter, on a staggered basis, members shall be appointed for five-year terms. No member shall serve for more than ten (10) consecutive years.