(1) There is hereby created and established a board to be known as the State Oil and Gas Board composed of five (5) members. One (1) member shall be appointed by the Lieutenant Governor for a term of four (4) years, and one (1) member shall be appointed by the Attorney General of the State of Mississippi for a term of four (4) years, which said two (2) members shall be appointed, one (1) from each of the United States district court districts. From and after April 15, 1992, such appointments by the Lieutenant Governor and the Attorney General shall be from the state at large rather than each United States district court district. Three (3) members shall be appointed by the Governor, one (1) from each of the Supreme Court districts for terms of the following duration: one (1) member from the First Supreme Court District for a term of two (2) years; one (1) member from the Second Supreme Court District for a term of four (4) years; and one (1) member from the Third Supreme Court District for a term of six (6) years.

At the expiration of the term of the members appointed by the Lieutenant Governor and Attorney General, each successor member shall be appointed for a term of four (4) years by the incumbent of the respective office. At the expiration of a term for which each of the original appointments of the Governor is made, each successor member shall be appointed for a term of six (6) years.

In the event of a vacancy, the Governor, Lieutenant Governor or Attorney General, as the case may be, shall, by appointment, fill such unexpired term. All members shall be confirmed by the Senate. Each member shall be eligible for reappointment at the discretion of the appointing officer. The board shall elect from its number a chairman and a vice-chairman. Each member of the board shall be a citizen of the United States, and a resident of the State of Mississippi, and a qualified elector therein, of integrity and sound and nonpartisan judgment. Each member shall qualify by taking the oath of office and shall hold office until his successor is appointed and qualified. The board shall establish its principal office at Jackson, Mississippi, at which the records of the board shall be kept.

Each member of the board shall receive as compensation for his services an annual salary of Seven Thousand Two Hundred Dollars ($7,200.00), except the chairman of the board who shall receive as compensation for his services an annual salary of Nine Thousand Six Hundred Dollars ($9,600.00). The receipt of said compensation shall not entitle members of the board to receive or be eligible for any state employee group insurance or retirement benefits.

(2) The board shall meet and hold hearings at such times and places as may be found by the board, or a majority thereof, to be necessary to carry out its duties. A majority of the board shall constitute a quorum, and three (3) affirmative votes shall be necessary for adoption or promulgation of any rule, regulation or order. Any member who shall not attend three (3) consecutive regular meetings of the board, for any reason other than illness of such member, shall be removed from office by the Governor. The chairman of the board shall notify the Governor in writing when any such member has failed to attend three (3) consecutive regular meetings.

(3) Where a question which has been presented or has arisen to be acted upon by the board directly affects the interest of a member or members of the board, such member or members shall recuse himself or themselves from acting upon such question.

(4) The board shall adopt an official seal, and may sue and be sued.