(1) The Mississippi Rice Promotion Board is created, to be composed of twelve (12) members to be appointed by the Governor to serve terms of four (4) years, as hereinafter provided. All of the twelve (12) members of the board shall be producers of rice in the State of Mississippi. Within ten (10) days following March 9, 1995, the Mississippi Farm Bureau Federation, Inc., the Mississippi Rice Council for Market Development and the Delta Council shall each submit the names of six (6) rice producers to the Governor, and he shall appoint four (4) members from the nominees of each organization to serve on the board on rotating four-year terms. The original board shall be appointed with members of each of the aforenamed organizations appointed as follows: one (1) for one (1) year, one (1) for two (2) years, one (1) for three (3) years and one (1) for four (4) years. Each year thereafter, not less than thirty (30) days before the expiration of the terms of expiring board members, the aforenamed organizations shall submit the names of four (4) nominees to the Governor and succeeding boards shall be appointed by the Governor in the same manner, giving equal representation to each organization. Vacancies which occur shall be filled in the same manner as the original appointments were made.

(2) The members of the board shall meet and organize immediately after their appointment, and shall elect a chairman, vice chairman and secretary-treasurer from the membership of the board, whose duties shall be those customarily exercised by such officers or specifically designated by the board. The chairman, vice chairman and secretary-treasurer shall be bonded in an amount not less than Twenty Thousand Dollars ($20,000.00). The cost of the bonds shall be paid from the funds received under the provisions of Section 69-10-1 et seq. Such bond shall be a security for any illegal act of such member of the board and recovery thereon may be had by the state for any injury by such illegal act of such member. The board may establish rules and regulations for its own government and the administration of the affairs of the board.