(1) The Board shall be governed by a Chairman and shall have a Vice-Chairman, a Treasurer and a Secretary. Four (4) members shall be residents of St. Croix, four members shall be residents of St. Thomas, and one (1) member shall be a resident of St. John. Non-governmental members shall be compensated $40.00 per day for each day or fraction thereof spent in the business of the Board; provided that the Chairman of the Board shall be compensated on the basis of $60.00 per day; and provided further that not more than $240.00 may be paid to any non-governmental member within any one (1) month, nor more than $2,640.00 within a calendar year. The corresponding compensation for the Chairman of the Board shall be not more than $360.00 within any one (1) month and not more than $4,320 within a calendar year.
(2) Five (5) members shall be representatives of the business, financial and general community, of which three (3) members shall be chosen by the Governor and two (2) members shall be chosen by the President of the Legislature; four (4) members shall be representatives of the low income sectors of the Virgin Islands population, of which two (2) members shall be chosen by the Governor and two (2) members shall be chosen by the President of the Legislature.