The term of office of members of the commission as created by this chapter is three years each. However, the term of office of only one member who is a director or officer of a bank may expire each year. Vacancies arising other than from the natural expiration of a term shall be appointed for the remainder of the unexpired term only and such appointees shall meet the qualifications prescribed by law for the vacated position. All appointments to the commission are effective on the thirty-first day of October in which the Governor appoints the member, unless otherwise designated by the Governor. Members shall serve until their successors are appointed and qualified. Any member may be removed by the Governor for cause. The three-year terms expire on October thirtieth in the third year of appointment. Any member's term ending June 30, 2013, or thereafter is extended to October thirtieth in the year the term is to expire.
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