The port commission provided for in Section 59-1-1 shall be appointed as follows: one (1) shall be appointed by the Governor who shall be skilled and experienced in maritime affairs; one (1) shall be appointed by the board of supervisors of the county in which such port of entry is located, who shall be skilled and experienced in maritime affairs, and three (3) shall be appointed by the mayor and board of aldermen or mayor and board of commissioners of the city where such port of entry is located, one (1) of whom shall be skilled and experienced in maritime affairs. Before entering upon the duties of the office, each of said commissioners shall take and subscribe to the oath of office required by Section 268 of the Constitution of the State of Mississippi, and shall give bond to be approved by the clerk of the city in which the port of entry is located, in a sum not less than Fifty Thousand Dollars ($50,000.00), conditioned upon the faithful performance of their duties. Said bond shall be made payable to the city in which the port of entry is located, and in case of breach thereof, suit may be brought on the relation of the city for the benefit of said commission. The commissioners shall hold office for a term of four (4) years from the day of their appointment and qualification, and until their successor or successors shall be appointed and qualify as set out herein.