1. (a) There is a Board of Trustees of the Trust.

2. (b)

   1. (1) The Board consists of seven members appointed by the Governor with the advice and consent of the Senate.

   2. (2) Of the seven members:

      1. (i) four shall represent the investors and have been recommended to the Governor by the investors;
      2. (ii) at least one shall have expertise in venture capital financing; and
      3. (iii) at least one shall have experience as a small business owner.
   3. (3) Each member shall be a resident of the State.
   4. (4) The Governor shall consider geographic diversity of the State when appointing members of the Board.

3. (c)

   1. (1) The term of a member is 4 years.
   2. (2) The terms of members are staggered as required by the terms provided for members of the Board on October 1, 2008.
   3. (3) At the end of a term, a member continues to serve until a successor is appointed and qualifies.
   4. (4) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
   5. (5) The Governor may remove a member with or without cause.
4. (d) The Governor shall appoint a chair from among the Board members.

5. (e)

   1. (1) A majority of the members then serving on the Board is a quorum.
   2. (2) A majority vote of the members present at a meeting having a quorum is needed for the Board to act.

6. (f) A member of the Board:

   1. (1) may not receive compensation as a member of the Board; but
   2. (2) is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.

7. (g) The Board:

   1. (1) shall manage the Trust; and
   2. (2) exercises all of the corporate powers of the Trust.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.