The Authority shall be governed by a board of regents consisting of nine members, as follows:

1. (a) The resident Senator for Colleton County shall serve ex officio;
2. (b) The Representative in whose district the present Village of Jacksonborough is situate shall serve ex officio;
3. (c) Four members resident in Colleton County appointed by the Governor upon recommendation of the Colleton County Legislative Delegation;
4. (d) One member resident in the First or Second Congressional District appointed by the Governor with the advice and consent of the Senate;
5. (e) One member resident in the Third or Fourth Congressional District appointed by the Governor with the advice and consent of the Senate;

6. (f) One member resident in the Fifth or Sixth Congressional District appointed by the Governor with the Advice and Consent of the Senate.

   The terms of the members shall be for four years and until their successors are appointed and qualify except that those originally appointed to the board of regents, four shall serve two years and three shall serve for four years. The length of such terms shall be determined by lot. In the case of any vacancy, the vacancy shall be filled in the manner of the original appointment for the unexpired portion of the term only. The board of regents, upon being appointed, shall meet and elect a chairman and such other officers as it deems necessary from its membership.