(1) The joint higher education committee shall consist of the following members:

(a) Four members of the house of representatives, two each appointed by the leadership of the two largest caucuses, with at least one member from each caucus who is a member of the house of representatives ways and means committee and at least one member from each caucus who is a member of the house of representatives higher education committee; and

(b) Four members of the senate, two each appointed by the leadership of the two largest caucuses, with at least one member from each caucus who is a member of the senate ways and means committee and at least one member from each caucus who is a member of the senate higher education and workforce development committee.

(2) All members must be appointed by July 1, 2012, and must serve a term of no less than two years.

(3) Vacancies on the joint higher education committee shall be filled by appointment by either the president of the senate or the speaker of the house of representatives. All such vacancies shall be filled from the same political party and from the same house as the member whose seat was vacated.

(4) The joint higher education committee shall appoint its own cochairs, representing two different parties and the two chambers of the legislature.