The authority shall consist of a board of twenty-two trustees that includes the following ex officio members: President of the Council of Private Colleges of South Carolina, Chairman of the South Carolina Commission on Higher Education, President of Clemson University, President of the Medical University of South Carolina, President of South Carolina State College, President of the University of South Carolina, President of Francis Marion College, Chairman of the State Board for Technical and Comprehensive Education, Chairman of the State Development Board, Governor of South Carolina or his designee, and Chairman of the Technical Advisory Board of the Authority.

The Governor shall name the chairman who must not be a public official and who shall serve at the pleasure of the Governor.

The remaining ten trustees must be elected by the board of trustees from a list of nominees submitted by an ad hoc committee named by the chairman and composed of the members serving as elected trustees. The original elected trustees must be the same members serving as elected trustees on the authority's predecessor organization on January 1, 1983, for the terms specified by the bylaws of the authority's predecessor. Each of the Congressional Districts of South Carolina shall have at least one of the ten trustees.

Terms of elected trustees are for four years, and half shall expire every two years. No elected trustee shall serve more than two consecutive four-year elected terms. Vacancies must be filled for the unexpired term in the manner of original appointment.

Ex officio trustees shall serve as long as they are elected or appointed to their respective offices. In the event of a vacancy of a public sector trustee, the person who temporarily performs the official's functions shall serve as an interim trustee until a new official is elected or appointed.

A vacancy occurs upon the expiration of the term of service, death, resignation, disqualification, or removal of any trustee.

No trustee shall receive a salary for his services as a trustee; however, all shall be reimbursed for actual expenses incurred in service to the authority.

The board shall annually submit a report to the General Assembly including information on all acts of the board of trustees together with a financial statement and full information as to the work of the authority.

The board shall hire a director who shall maintain through a designated agent accurate and complete books and records of account, custody, and responsibility for the property and funds of the authority and control over the authority bank account. The Director, with the approval of the board, has the power to appoint officers and employees, to prescribe their duties, and to fix their compensation. The board of trustees shall select a reputable certified public accountant to audit the books of account at least once each year.

Regular meetings of the board of trustees must be held at such time and place as the board of trustees may determine. Special meetings of the board of trustees may be called by the chairman when reasonable notice is given.