The SCRA shall consist of a board of twenty-three 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 University, Chairman of the State Board for Technical and Comprehensive Education, Governor of South Carolina or his designee, Chairman of the House Ways and Means Committee's designee, Chairman of the Senate Finance Committee's designee, and the Secretary of Commerce or his designee.

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 board on January 1, 2005. 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.

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

The President of Clemson University, President of the Medical University of South Carolina, President of the University of South Carolina at Columbia, the Governor or his designee, the Chairman of the House Ways and Means Committee's designee, the Chairman of the Senate Finance Committee's designee, and the chairman of the board of trustees shall serve as the executive committee of the board of trustees. The executive committee by majority vote shall have the authority to implement recommendations and direct the executive director on policy decisions for the efficient day-to-day operations of the SCRA.

The executive committee shall appoint a business and science advisory board to include representatives from each research university, the venture capital industry, relevant industry leaders, and the Department of Commerce. The purpose of the advisory board is to advise the board of trustees when requested by it. The advisory board shall ensure that the authority has the input of the research and business communities in implementing its programs and services.

A trustee may not receive a salary for his services as a trustee; however, all must be reimbursed for actual expenses incurred in service to the authority.

The board annually shall 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 an executive director of the SCRA who shall have direct administrative responsibility for the SCRD and the SCRIC. The executive director 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 executive 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 a time and place the chairman may determine. Special meetings of the board of trustees may be called by the chairman when reasonable notice is given.