(a) The body corporate and politic constituting a public corporation and autonomous governmental instrumentality for the Government of the Virgin Islands by the name of the Virgin Islands Port Authority which existed prior to the date of enactment of this subsection is continued without interruption under a revised Board of Governors consisting of the Commissioner of Tourism, the Attorney General, the Commissioner of Public Works, and the Chairman of the Economic Development Authority and five other persons appointed by the Governor with the advice and consent of the Legislature. The Board shall elect, by a majority vote, a member of the Board to serve as the chairman.
(b) The term of office of each appointed member shall be three years and each shall be eligible for reappointment. Any person appointed to fill a vacancy occurring prior to the expiration of the term for which a predecessor was appointed shall be appointed only for the remainder of such term. Appointive members may be removed for cause by the Governor.
(c) Of the five appointed persons, two shall be residents of the Island of St. Thomas, two shall be residents of the Island of St. Croix, and one shall be a resident of the Island of St. John.
(d) Governmental members of the Authority shall be entitled to no compensation for their service as members. Nongovernmental members shall be entitled to compensation at the rate of $50.00 per 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.
(e) The Authority hereby created is and shall be a governmental instrumentality subject, as provided for herein, to the control of the aforementioned members, acting in their capacity as members of the Governing Board thereof, but it is a corporation having legal existence and personality separate and apart from the Government and the officers controlling it. The debts, obligations, contract, 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, offices or employee thereof.