3.__Compensation.__Each member of the authority is entitled to compensation according to the provisions of Title 5, chapter 379.

4.__Removal from office.__The Governor may remove a member from the authority only for gross misconduct.

5.__Vacancies.__Upon the expiration of the term of office of any member, the Governor shall appoint a new member who serves in office for a term of 7 years and until a successor is duly appointed and qualified.__A member of the authority is eligible for reappointment.__In the event of a vacancy in the membership of the authority caused by the death, incapacity, resignation or removal of a member, the Governor shall appoint a member to fill that vacancy only for the unexpired term of office of the member whose death, incapacity, resignation or removal created the vacancy, but the newly appointed member may be reappointed at the end of the unexpired term in accordance with this subsection.

6.__Officers.__The Governor shall name one of the appointed members as chair of the authority.__The authority shall elect a secretary and treasurer who need not be members of the authority and shall elect an executive director or general manager who is not a member of the authority. Seven members of the authority constitute a quorum and 7 votes are required for the authority to act on any matter, although a lesser number may adjourn.__A vacancy in the membership of the authority does not impair the right of a quorum of the members to exercise all the rights and perform all the duties of the authority.

7.__Security bond.__Before the issuance of any bonds under this chapter, the secretary and treasurer shall execute a security bond in the amount of $100,000.__Each security bond must be approved by the Attorney General, must be conditioned upon the faithful performance of the duties of the office and must be filed in the office of the State Auditor.

8.__Powers. The authority is a body both corporate and politic in the State and may:

A.__Sue and be sued;

B.__Have a seal and alter the seal at pleasure;