(a) The Board of Property Assessment, Appeals and Review shall consist of seven members, who shall be citizens of this Commonwealth and all of whom shall have been residents of the county for at least ten years next prior to his appointment, and four of whom shall have not less than five years' practical experience as a registered real estate broker, or real estate appraiser or assessor, one of whom shall have not less than five years' practical experience in securities transactions, necessitating a knowledge of the values of stocks, bonds and other securities, one of whom shall have not less than five years' practical experience as a building construction engineer or civil engineer or general contractor or assessor, and the seventh of whom shall have not less than five years' experience as a practicing attorney at law or registered real estate broker, or real estate appraiser or assessor.

(b) The members of the board shall be appointed by the county commissioners.

(c) The terms of the members first appointed shall begin on the first Monday of January, one thousand nine hundred and forty-two. Of such members first appointed three shall be appointed for terms of six years, two shall be appointed for terms of five years; and the two remaining members shall be appointed for terms of four years. Thereafter all appointments to fill vacancies, happening by the expiration of a term, shall be for terms of six years. All appointments to fill vacancies happening in any manner other than by the expiration of a term shall be filled for the unexpired term only. In each case, whether or not the vacancy happens by the expiration of a term, the appointment shall be made subject to the same requirements as in the case of the member whose vacancy is to be filled.

(d) The board shall organize on the first Monday of January, one thousand nine hundred and forty-two and on the first Monday of January, every third year thereafter, or as soon after such days as possible, by electing one of its members as chairman and one as vice-chairman, who shall also serve as secretary of the board. Both the chairman and the vice-chairman shall be members who have not less than five years' practical experience as registered real estate brokers or real estate appraisers or assessors. Each member of the board shall give bond in such amount and with surety or sureties as the county commissioners shall approve, conditioned for the faithful performance of his duties as a member of the board. The chairman of the board shall receive an annual salary of eight thousand dollars ($8,000); the vice-chairman shall receive an annual salary of seven thousand dollars ($7,000); and each of the other members shall receive an annual salary of six thousand dollars ($6,000).

(e) All of the members of the board, as well as all persons employed by them under the provisions of this act, shall devote sufficient time to the duties of their office to fully discharge such duties, but may hold other office or employment or may engage in any business outside of their position as members or employes of the board; except, that no member or employe of the board shall engage in the real estate or insurance business or hold an office or position of employment in any such business.