The term of office of each member of the board shall be 5 years and until his successor is appointed and qualifies, except that of the members first appointed one shall be appointed for a term of 5 years, one for a term of 4 years and one for a term of 3 years. All vacancies, except through the expiration of term, shall be filled for the unexpired term only.

Each member of the board shall be eligible for reappointment and any member of the board may be removed by the Governor for inefficiency, neglect of duty or malfeasance in office.

Each member of the board shall receive annual compensation as provided in salary range 39 of the State employee compensation plan established by the Commissioner of Personnel in accordance with Title 11A of the New Jersey Statutes, subject to any rules and regulations governing salary ranges and rates of pay established by the State Treasurer, the Commissioner of Personnel and the Director of the Division of Budget and Accounting pursuant to law, or otherwise established by law, and shall devote his full time and capacity to his duties, and shall not engage in any other occupation, profession or employment.