(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.