(a) The "West Virginia Racing Commission," is continued in existence as a public corporation and, as such, may contract and be contracted with, plead and be impleaded, sue and be sued and have and use a common seal.
(b) The Racing Commission shall consist of three members, not more than two of whom shall belong to the same political party, to be appointed by the Governor by and with the advice and consent of the Senate. The term of office for the members of the Racing Commission is four years, and until their successors have been appointed and have qualified, and members of the Racing Commission may serve any number of successive terms. The members of the Racing Commission in office on the effective date of the amendment and reenactment of this section in two thousand one shall, unless removed by the Governor after the effective date of this article, continue to serve until their terms expire and until their successors have been appointed and have qualified. Any vacancy in the office of a member of the Racing Commission shall be filled by appointment by the Governor for the unexpired term of the member whose office shall be vacant. No person is eligible for appointment to or to serve upon the Racing Commission:
(1) Unless he or she is an actual and bona fide resident of this state, shall have resided in this state for a period of at least five years next preceding his or her appointment, shall be a qualified voter of this state and be not less than twenty-five years of age;