The Corporation shall be governed and all of its powers exercised by a Board of Directors consisting of 11 members. The Governor shall appoint five members as follows: one person to be the financial aid officer of an institution of postsecondary education in the State of Vermont; one person to be a guidance counselor from a Vermont secondary school; and three members representing the general public. In making the appointments of the members representing the general public, the Governor shall give due consideration to the Board's needs for expertise and experience in the management of a financial institution. The State Treasurer or his or her designee shall be a member. The Speaker of the Vermont House of Representatives and the Committee on Committees of the Vermont Senate shall each appoint one member from their respective legislative bodies to serve on the Board. The Board shall elect three additional members. All members shall be of full age, citizens of the United States, and residents of Vermont. All appointments shall be for terms of six years with the exception of legislative members whose terms shall expire at the end of six years or when their service in the Vermont Legislature is completed, whichever shall first occur. The date of the expiration of the term of appointment in each case shall be June 30. Vacancies that may occur by reason of death or resignation shall be filled in the same manner as original appointments. (Added 1965, No. 198, § 4(a), (b), (i); amended 1967, No. 131, § 2; 1989, No. 283 (Adj. Sess.), § 1; 2003, No. 86 (Adj. Sess.), § 6; 2011, No. 40, § 54, eff. May 20, 2011.)