Section 28. (a) There shall be an advisory committee to the Emergency Technology Fund established in section 27 which shall consist of the director of the Massachusetts office of business development, the director of the John Adams Innovation Institute, the president of the Massachusetts Technology Development Corporation, 3 persons to be appointed by the governor, 1 of whom shall be a representative of an emerging technology industry, 1 of whom shall have knowledge of financing of emerging technology companies and 1 of whom shall have knowledge of technology transfer and commercialization activities at research institutions, and 3 persons to be appointed by the board of the agency, 1 of whom shall be a representative of an emerging technology industry, 1 of whom shall have knowledge of financing of emerging technology companies and 1 of whom shall be a member of the agency's board of directors; provided, however, that the director of the John Adams Innovation Institute and the president of the Massachusetts Technology Development Corporation may designate another person to act in such member's place for a particular purpose, including the right to attend and vote at a meeting of the advisory committee. The executive director of the Massachusetts Technology Transfer Center or the executive director's designee shall serve as an ex-officio and nonvoting member of the advisory committee.

Each appointed member of the advisory committee shall serve for a term of 3 years or until such member's successor is appointed; provided, however, that 1 of the governor's initial appointees and 1 of the board of the agency's initial appointees shall serve for a term of 1 year, 1 of the governor's initial appointees and 1 of the board of the agency's initial appointees shall serve for a term of 2 years, and 1 of the governor's initial appointees and 1 of the board of the agency's initial appointees shall serve for a term of 3 years. A person appointed to fill a vacancy on the advisory committee shall be appointed in a like manner and shall be eligible for reappointment. A member of the advisory committee appointed by the governor may be removed by the governor for cause. A member of the advisory committee appointed by the board of the agency may be removed by the board of the agency for cause.

(b) The members shall annually elect a chairman and vice chairman and shall adopt by-laws governing the affairs of the advisory committee. Five members of the advisory committee shall constitute a quorum and the affirmative vote of a majority of the members present and eligible to vote at a meeting shall be necessary for an action to be taken by the advisory committee; provided, however, that no vacancy in the membership of the advisory committee shall impair the right of a quorum to exercise the powers of the advisory committee.

(c) The members shall serve without compensation, but each member shall be entitled to reimbursement for actual and necessary expenses incurred in the performance of official duties.

(d) The advisory committee may meet as often as the members shall decide; provided, however, that it shall meet at least once in each calendar quarter and its approval shall be necessary for an expenditure from, or commitment of, the assets of the fund or entry into contracts of the type specified in subsection (g).

(e) The advisory committee may, by majority vote, elect, in its discretion, to delegate some or all of the committee's approval rights to the board or the staff of the agency; provided, that, any such delegation may be revoked at any time by majority vote of the advisory committee.

(f) The agency shall manage the qualified investments made from the fund on behalf of the advisory committee including, without limitation, the closing, servicing, monitoring, underwriting and where appropriate, the enforcement of rights with respect to such management and shall provide such staff and supporting assistance as deemed appropriate by the board of directors of the agency to enable the advisory committee to discharge its duties in a manner consistent with its public purpose. Subsection (d), subsections (f) to (i), inclusive and subsection (l) of section 2 of this chapter shall also apply to the members and affairs of the advisory committee.

(g) The advisory committee and the agency may award 1 or more contracts with regard to the management of the fund, which may provide performance-based incentives, with regard to such management.