The Prince George's County Supplemental Higher Education Loan Authority shall consist of five (5) members appointed by the County Executive subject to the confirmation of the Council. Each member shall be a resident of the County. The members of the Authority shall be persons of ability, experience, and integrity and shall not be selected as representing or supporting any special interest or interests. The members of the Authority first appointed shall serve for terms expiring on June 30, 1987, 1988, 1989, 1990, and 1991, respectively, and until a successor is appointed and qualifies. On the expiration of the term of any member, a successor shall be appointed for a term of five (5) years and until a successor is appointed and qualifies. The County Executive shall appoint a qualified person to fill any vacancy, subject to the confirmation of the Council. A member appointed to fill a vacancy in an unexpired term shall serve only for the remainder of that term and until a successor is appointed and qualifies. A member of the Authority may be removed by the County Executive for misfeasance, malfeasance or willful neglect of duty or other cause after notice, and with the approval of the Council. Each year the Authority shall elect from among its members: A Chair; A Vice-Chair; and Any other officers it requires. The members of the Authority may not be compensated for their services, but may be reimbursed for actual expenses necessarily incurred in the performance of their duties; and The members of the Authority shall be governed by the provisions of the Maryland Public Ethics Law and shall be required to file annual financial disclosure statements. Each member of the Authority, before entering upon his duties, shall take a Constitutional Oath of Office before the Clerk of the Circuit Court of Prince George's County, the Council, or someone authorized by law to administer oaths, and a record of each such oath shall be filed with the Clerk of the Circuit Court for Prince George's County.