If the consent of Congress to the making of said compact shall be given on or before July 1, 1961, the said compact shall take effect on July 1, 1961; but if such consent shall be given after July 1, 1961, then the said compact shall take effect on the date of such consent. The first commissioners for New Jersey may take office on or after the date on which the said compact takes effect, but the designation of their terms so that the term of 1 such commissioner shall expire each year shall be computed from July 1, 1961, notwithstanding that the compact may not become effective until a later date.
N.J.S. § 32:11E-3