; (II) not less than 1 of whom shall be associated with and representative of municipal securities dealers that are banks or subsidiaries, departments, or divisions of banks (referred to in this subsection as bank representatives ); and (III) not less than 1 of whom shall be associated with a municipal advisor (referred to in this subsection as advisor representatives ). (D) Limitation The membership of the Board shall, at all times, be as evenly divided as possible between the number of public representatives and regulated representatives, taking into account the requirement under subparagraph (C)(i) that the majority of the membership of the Board shall be public representatives. (E) Appointment of Board members (i) Initial Board Not later than 180 days after the date of enactment of the Municipal Securities Rulemaking Board Reform Act of 2019 , the Commission shall, subject to clause (ii)— (I) appoint a Chairperson of the Board and all other initial members of the Board; and (II) designate a term of service for each member appointed under subclause (I). (ii) Interim Board (I) In general Before appointing the initial members of the Board under clause (i), the Commission may, without regard to the limitations in subparagraph (C), appoint not more than 3 individuals to serve as interim members of the Board who shall be responsible for ensuring the continuity of the operations of the Board until the Commission appoints those initial members. (II) Membership In making an appointment under subclause (I), the Commission shall select from among individuals of integrity and reputation and who are knowledgeable of matters relating to the municipal securities markets. (III) Authority The members of the interim Board appointed under this subparagraph may exercise all of the authority of the Board under this section. (F) Vacancies A vacancy on the Board— (i) shall not affect the authority of the Board under this section