(a) The board consists of:
(1) the comptroller;
(2) two members appointed by the governor with the advice and consent of the senate; and
(3) four members appointed by the lieutenant governor, at least two of whom must be appointed from a list of persons recommended by the speaker of the house of representatives.
(b) The appointed members must possess knowledge, skill, and experience in higher education, business, or finance.
(c) The appointed members serve for staggered six-year terms. The terms of one-third of the appointed members expire on February 1 of each odd-numbered year.