(a) The powers and duties of the Trust shall rest in and be exercised by a Board of Trustees.
(b) The Board of Trustees shall consist of the following 11 members:
(1) the Secretary of Veterans Affairs, ex officio, or the Secretary’s designee, who shall serve as the chair;
(2) the Secretary of Aging, ex officio, or the Secretary’s designee;
(3) the Secretary of Labor, ex officio, or the Secretary’s designee;
(4) the Secretary of Health, ex officio, or the Secretary’s designee;
(5) the Secretary of Human Services, ex officio, or the Secretary’s designee;
(6) the Adjutant General of the Military Department, ex officio, or the Adjutant General’s designee;
(7) one representative of each of the following organizations, appointed by the Governor:
(i) a veterans service organization;
(ii) a nonprofit organization that serves veterans; and
(iii) the business community;
(8) a member of the House of Delegates appointed by the Speaker of the House; and
(9) a member of the Senate appointed by the President of the Senate.
(c) The Governor shall consider geographical balance in making appointments to the Board of Trustees.
(d) Except for the ex officio members or their designees:
(1) the term of a member is 4 years;
(2) the terms of members are staggered as required by the terms provided for members of the Board on July 1, 2013;
(3) at the end of a term, a member continues to serve until a successor is appointed and qualifies;
(4) a member who is appointed after a term has begun serves for the rest of the term and until a successor is appointed and qualifies; and
(5) a member may serve no more than 2 terms.