Article - Economic Development
(a) (1) A Board of Directors shall manage the Corporation and its units and exercise its corporate powers.
(2) (i) A Board of Directors may appoint members of an advisory committee.
(ii) If a Board of Directors appoints an advisory committee, the Board shall adopt policies establishing the responsibilities of the advisory committee.
(b) The Board consists of the following 15 members:
(1) the Secretary or the Secretary’s designee; and
(2) fourteen members appointed by the Governor with the advice and consent of the Senate:
(i) two representing the nonprofit research sector of the State;
(ii) two with expertise in venture capital financing;
(iii) five with experience in technology–based businesses;
(iv) two representing colleges and universities; and
(v) three members of the general public.
(c) A member of the Board shall reside in the State.
(d) In making appointments to the Board, the Governor shall consider:
(1) diversity; and
(2) all geographic regions of the State.
(e) A member of the Board:
(1) may not receive compensation as a member of the Board; but
(2) is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(f) (1) The term of an appointed member is 4 years.
(2) The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.
(3) At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(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.
(g) The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.
(h) The Board shall elect a chair from among its members.
(i) The Board may act with an affirmative vote of nine Board members.