“(a) The Corporation shall be governed by a Board of Directors. The Board shall be composed of seven members nominated by the Governor with advice and consent of the Legislature. At least two of the seven members shall be from the private sector, and one of whom shall be from the Outer Islands. In addition, two of the remaining five members shall be from the Outer Islands. The Governor shall make his nominations for the three members from the Outer Islands after consulting the Council of Tamol. The Governor shall submit his nominations to the Legislature within ninety days after the effective date of this Acct”