(1) There is hereby created an independent public body politic and corporate to be known as the Colorado agricultural development authority. Said authority is constituted a public instrumentality, and its exercise of the powers conferred by this article shall be deemed and held to be the performance of an essential public function. The authority shall be a body corporate and a political subdivision of the state and shall not be an agency of state government and shall not be subject to administrative direction by any department, commission, board, or agency of the state.

(2) (a) The governing body of the authority shall be a board of directors which shall consist of seven members, of which one shall be appointed by the governor, with the consent of the senate, three shall be appointed by the president of the senate, and three shall be appointed by the speaker of the house of representatives. Such members shall be residents of the state, shall have a knowledge of agricultural activity in the state, and shall represent the various agriculture operations and geographical regions of the state. No more than four of the appointed members shall be of the same political party. The members of the board first appointed shall serve for terms to be designated by the governor, expiring on June 30 of each year beginning in 1982 and ending in 1988. Persons holding office on June 15, 1987, are subject to the provisions of section 24-1-137, C.R.S. Thereafter, upon the expiration of the term of any member, his successor shall be appointed for a term of four years. Each member shall serve until his successor has been appointed and qualified. Any member shall be eligible for reappointment. The person making the original appointment shall fill any vacancy by appointment for the remainder of an unexpired term. The commissioner of agriculture shall be an ex officio, nonvoting member of the board.

(b) Any appointed member of the board may be removed by the person making the appointment for misfeasance, malfeasance, willful neglect of duty, or other cause, after notice and a public hearing, unless such notice and hearing have been expressly waived in writing.