(a) There is created a body corporate and politic to be known as the Georgia Sports Hall of Fame Authority which shall be deemed to be an instrumentality of the State of Georgia and a public corporation; and by that name, style, and title such body may contract and be contracted with, bring and defend actions, implead and be impleaded, and complain and defend in all courts of this state.

(b)(1) The terms of all members of the authority who are in office on April 30, 1998, shall terminate on such date, and new members shall be appointed to the authority for initial terms beginning on May 1, 1998, as specified in this subsection. From May 1, 1998, until January 1, 1999, the authority shall consist of 16 members. Thereafter, the authority shall consist of 18 members.

(2) Members shall be appointed as follows:

(A) Three members shall be appointed by the Governor for initial terms of office ending on January 1, 1999;

(B) Three members shall be appointed by the Governor for initial terms of office ending on June 30, 2000;

(C) Two members shall be appointed by the Governor for initial terms of office ending on December 31, 2000;

(D) Five members shall be appointed by the Governor for initial terms of office ending on December 31, 2002;

(E) One member shall be appointed by the President of the Senate for an initial term of office ending on January 1, 1999;

(F) Two members shall be appointed by the President of the Senate for initial terms of office ending on December 31, 2002;

(G) One member shall be appointed by the Speaker of the House of Representatives for an initial term of office ending on January 1, 1999; and

(H) Two members shall be appointed by the Speaker of the House of Representatives for initial terms of office ending on December 31, 2002.

(3) A successor to each member shall be appointed by the same appointing official as provided in paragraph (2) of this subsection, provided that the Governor shall appoint successors for only two of the members appointed by the Governor with initial terms ending on January 1, 1999. Following the initial terms specified in paragraph (2) of this subsection, the terms of all members shall be four years.

(4) Any elected or appointed state, county, municipal, or school board official or employee, except officials and employees of the legislative or judicial branches of state government, may be appointed and serve as a member of the authority.

(c) Vacancies in office shall be filled in the same manner as original appointments. An appointment to fill a vacancy shall be for the unexpired term. The authority shall elect its own officers. No vacancy on the authority shall impair the right of the quorum to exercise all rights and perform all duties of the authority.

(d) The members of the authority shall receive for each day that such members are in attendance at a meeting of the authority the same daily expense allowance and reimbursement for transportation costs as provided for members of the General Assembly, as provided for in Code Section 45-7-21; and the members of the authority shall not receive any other compensation for their services as such.

(e) The authority shall have perpetual existence. Any change in name or composition of the authority shall in no way affect the vested rights of any person under this part or impair the obligations of any contracts existing under this part.

(f) The members of the authority shall be accountable in all respects as trustees. The authority shall keep suitable and proper books and records of all receipts, income, and expenditures of every kind and shall submit for inspection all the books, together with the proper statement of the authority's financial position, to the state auditor.

(g) The authority is assigned to the Department of Community Affairs for administrative purposes only.