(1) Not later than thirty (30) days following the commissioner's authorization, the board of education and the employee organization shall each appoint from their membership two (2) persons to serve as trustees. The fifth trustee shall be the director of schools who shall serve as chair;

(2) In the event any member is unable to be present at any meeting of the sick leave bank trustees, the member may appoint a representative to serve during a particular meeting if authorization is given in writing by the absent trustee;

(3) In the event the professional employees are recognized for the purpose of negotiating, such recognized professional employees' organization shall appoint two (2) persons to serve. In the event there is no recognized professional employees' organization for the purpose of negotiating or the previously recognized organization subsequently loses recognition, the organization that documents the largest number of paid professional employees as members on June 30 past shall be the organization to initially appoint or subsequently reappoint or replace the trustees at the end of a term;

(4) All appointments shall be for three-year staggered terms and can be replaced only because of death, retirement, resignation or discontinuation of employment with the board of education or at the expiration of a term;

(5) Any vacancy shall be filled for the remainder of the term by the appointing authority in the same manner as the original appointments were made;

(6) Trustees are eligible to succeed themselves; and

(7) The four (4) trustees originally appointed by the board of education and the employee organization shall draw lots for two (2) positions for three (3) years, and two (2) positions for two (2) years, to become effective August 1 next. Thereafter all terms begin on August 1.