Current as of: 2010
(a) There is a Board of Trustees of the Trust.(b) (1) The Board consists of seven members appointed by the Governor with the advice and consent of the Senate. (2) Of the seven members: (i) four shall represent the investors and have been recommended to the Governor by the investors; (ii) at least one shall have expertise in venture capital financing; and (iii) at least one shall have experience as a small business owner. (3) Each member shall be a resident of the State. (4) The Governor shall consider geographic diversity of the State when appointing members of the Board. (c) (1) The term of a member is 4 years. (2) The terms of members are staggered as required by the terms provided for members of the Board on October 1, 2008. (3) At the end of a term, a 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. (5) The Governor may remove a member with or without cause. (d) The Governor shall appoint a chair from among the Board members. (e) (1) A majority of the members then serving on the Board is a quorum. (2) A majority vote of the members present at a meeting having a quorum is needed for the Board to act. (f) 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. (g) The Board: (1) shall manage the Trust; and (2) exercises all of the corporate powers of the Trust. Prev | Next________________________________________________________________________
Questions & Answers: Economic DevelopmentSee also: U.S. Code Provisions: Economic DevelopmentFederal Regulations: Economic Development
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