(a) There is hereby created a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands, by the name of the “Virgin Islands Water and Power Authority”, which shall be governed by a board consisting of nine persons, six of whom shall not be employees of the Government of the Virgin Islands or the Government of the United States and who shall be appointed by the Governor with the advice and consent of the Legislature, and three of whom shall be appointed by the Governor from among the heads of cabinet-level executive departments or agencies. Of the non-governmental members, three must be residents of the District of St. Thomas-St. John, and three must be residents of the District of St. Croix. Non-governmental members shall be appointed for terms of three years, provided, however, that the first appointments made pursuant to this subsection shall be for a term of one year for one of the members from the District of St. Thomas-St. John, and for one of the members from the District of St. Croix, and for a term of two years for one of the members from the District of St. Thomas-St. John, and for one of the members from the District of St. Croix. Any person appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the remainder of such term, provided, however, that each member shall serve until the appointment and confirmation of his successor. Non-government members may be reappointed with the advice and consent of the Legislature and such members may be removed for cause by the Governor. Government members shall serve during the term of their government position at the pleasure of the Governor. No government member shall be paid compensation in addition to his regular government salary by reason of his service on the Governing Board. Non-government members shall be compensated at the rate of $50.00 a day for each day or fraction thereof spent in the work of the Authority. All members shall be entitled to reimbursement for, or per diem in lieu of, necessary travel expenses.
(b) The Authority hereby created is and shall be an autonomous governmental instrumentality subject, as provided for herein, to the control of the Governing Board thereof, but it is a corporation having legal existence and personality separate and apart from the Government. Subject to section 112(a) of this title, the debts, obligations, contracts, bonds, notes, debentures, receipts, expenditures, accounts, funds, facilities, and property of the Authority shall be deemed to be those of said Authority and not to be those of the Government of the Virgin Islands, or any office, bureau, department, agency, commission, municipality, branch, agent, officer or employee thereof.