There is created the State Athletic Commission consisting of seven members appointed by the Governor with the advice and consent of the Senate. One member must be appointed from each congressional district of the State and one from the State at large. The terms of the members are for four years and until their successors are appointed and qualify. Vacancies must be filled by the Governor for the remainder of an unexpired term. The commissioners and employees of the State Athletic Commission may not have any financial interest, direct or indirect, in the promotion, management, or result of any boxing, wrestling, or sparring event.