The board of directors of the corporation shall consist of seven members, selected and appointed as follows:

1. (a) One member, representing the public interest, for a term of four years, appointed by the Governor.
2. (b) One member, for a term of four years, appointed by the State Treasurer.
3. (c) One member, representing the solar energy industry, for a term of three years, appointed by the Secretary of the Business, Transportation and Housing Agency.
4. (d) Four members, for terms of two years, elected by the stockholders of the corporation.