(a) There is established the Arkansas Waterways Commission to consist of seven (7) members to be appointed by the Governor with the advice and consent of the Senate, as follows:
(1) The Governor shall consult the organized associations established to promote the development of the five (5) navigable stream basin areas of this state, which are the Arkansas River, White River, Ouachita River, Red River, and Mississippi River basin areas before making an appointment under this section;
(2) The Governor shall appoint a qualified person of demonstrated experience and interest in river development to represent each of the five (5) river basin areas on the commission; and
(3) The Governor shall name two (2) members from the public at large, one (1) of whom shall be an economist with experience in river development problems.
(b)
(1) Members shall be appointed for seven-year staggered terms, wherein one (1) member's term shall expire each year on January 14.
(2) In the event there is no organized association established for the purpose of promoting the development of any of the five (5) river basin areas from which members are to be named, the Governor may name some person from the river basin area who resides therein and who has demonstrated interest in river development.
(c) Vacancies on the commission shall be filled for the remainder of the unexpired portion of the term thereof by appointment by the Governor in the manner set out in subsection (b) of this section.
(d) Members of the commission shall serve without pay but may receive expense reimbursement and stipends in accordance with § 25-16-901 et seq.