1. Establishment; membership. There is established as a body corporate and politic and a public instrumentality of the State the Small Enterprise Growth Board, which consists of 11 members appointed by the Governor as follows:
A. An experienced commercial lender; [PL 1995, c. 699, §3 (NEW).]
B. An attorney with knowledge of securities law; [PL 1995, c. 699, §3 (NEW).]
C. Five members of the public who have knowledge and experience in managing or investing in high-growth small businesses; [PL 1995, c. 699, §3 (NEW).]
D. Three members of the public who have knowledge and experience in the development of technological innovation; and [PL 1995, c. 699, §3 (NEW).]
E. The Commissioner of Economic and Community Development or the commissioner's designee, who shall serve as a voting ex officio member of the board. [PL 1995, c. 699, §3 (NEW).]
2. Officers. The board shall annually elect a chair, vice-chair and treasurer from among its members.
3. Terms. The members other than the Commissioner of Economic and Community Development or the commissioner's designee serve for 3-year terms and may be reappointed for up to 2 consecutive terms. A member may serve for more than 2 3-year terms if the terms are not consecutive.
4. Compensation. Members are entitled to compensation in accordance with Title 5, chapter 379.