Section 28. (a) There is hereby established an advisory committee relative to the fund consisting of the director of business and technology, and 6 other persons, 3 to be appointed by the governor and 3 to be appointed by the board of the agency; provided, however, that said director of business and technology may designate another person from time to time to act in his or her place for a particular purpose, including the right to attend and vote at a meeting of the advisory committee; provided, further, that at least two members of the advisory committee appointed by the governor shall be representatives of an emerging technology industry and at least one member of the advisory committee appointed by the governor shall have knowledge of financing of emerging technology companies, and provided, further, that at least one member of the advisory committee appointed by the board of the agency shall be a representative of an emerging technology industry, and at least one member of the advisory committee appointed by the board of the agency shall have knowledge of financing of emerging technology companies and one member of the advisory committee appointed by the board of the agency shall be a member of the agency’s board of directors. The executive director of the Massachusetts Technology Park Corporation shall serve as an ex-officio member of said advisory committee.
Each appointed member of the advisory committee shall serve for a term of 3 years and thereafter until such member’s successor is appointed; provided, however, that of those initially appointed, 1 of each the governor’s appointees and the board of the agency’s appointees shall serve for a term of 1 year, 1 of each of the governor’s appointees and the board of the agency’s appointees shall serve for a term of 2 years, and 1 of each the governor’s appointees and the board of the agency’s appointees shall serve for a term of 3 years. Any person appointed to fill a vacancy on the advisory committee shall be appointed in a like manner and shall be eligible for reappointment. Any member of the advisory committee appointed by the governor may be removed by the governor for cause. Any member of the advisory committee appointed by the board of the agency may be removed by the board of the agency for cause. The advisory committee and the agency are encouraged to award 1 or more contracts with regard to the management of the fund, which may provide performance-based incentives, with regard to such management.
(b) The members shall elect annually a chairman and vice chairman and shall adopt by-laws governing the affairs of the advisory committee. Four 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 any action to be taken by the advisory committee; and, provided, that except as set forth in the preceding clause, no vacancy in the membership of the advisory committee shall impair the right of a quorum to exercise the powers of the advisory committee.
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. The advisory committee may meet as often as the members shall decide provided, that it shall meet at least once in each calendar quarter and its approval shall be necessary for any expenditure from or commitment of the assets of the fund or entry into contracts of the type specified in the last sentence of subsection (a), provided, that the advisory committee may, by majority vote, elect, in its discretion, to delegate some or all of said 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. The agency shall manage the qualified investments made from the fund including, without limitation, the closing, servicing, monitoring, underwriting, and where appropriate, the enforcement of rights with respect thereto 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. The provisions of subsection (d), and subsections (f) to (i), inclusive, and subsection (l) of section 2 shall apply as well to the members and affairs of the advisory committee created pursuant to this section.
Section 28. (a) There is hereby established an advisory committee relative to the fund consisting of the director of business and technology, and 6 other persons, 3 to be appointed by the governor and 3 to be appointed by the board of the agency; provided, however, that said director of business and technology may designate another person from time to time to act in his or her place for a particular purpose, including the right to attend and vote at a meeting of the advisory committee; provided, further, that at least two members of the advisory committee appointed by the governor shall be representatives of an emerging technology industry and at least one member of the advisory committee appointed by the governor shall have knowledge of financing of emerging technology companies, and provided, further, that at least one member of the advisory committee appointed by the board of the agency shall be a representative of an emerging technology industry, and at least one member of the advisory committee appointed by the board of the agency shall have knowledge of financing of emerging technology companies and one member of the advisory committee appointed by the board of the agency shall be a member of the agency’s board of directors. The executive director of the Massachusetts Technology Park Corporation shall serve as an ex-officio member of said advisory committee.
Each appointed member of the advisory committee shall serve for a term of 3 years and thereafter until such member’s successor is appointed; provided, however, that of those initially appointed, 1 of each the governor’s appointees and the board of the agency’s appointees shall serve for a term of 1 year, 1 of each of the governor’s appointees and the board of the agency’s appointees shall serve for a term of 2 years, and 1 of each the governor’s appointees and the board of the agency’s appointees shall serve for a term of 3 years. Any person appointed to fill a vacancy on the advisory committee shall be appointed in a like manner and shall be eligible for reappointment. Any member of the advisory committee appointed by the governor may be removed by the governor for cause. Any member of the advisory committee appointed by the board of the agency may be removed by the board of the agency for cause. The advisory committee and the agency are encouraged to award 1 or more contracts with regard to the management of the fund, which may provide performance-based incentives, with regard to such management.
(b) The members shall elect annually a chairman and vice chairman and shall adopt by-laws governing the affairs of the advisory committee. Four 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 any action to be taken by the advisory committee; and, provided, that except as set forth in the preceding clause, no vacancy in the membership of the advisory committee shall impair the right of a quorum to exercise the powers of the advisory committee.
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. The advisory committee may meet as often as the members shall decide provided, that it shall meet at least once in each calendar quarter and its approval shall be necessary for any expenditure from or commitment of the assets of the fund or entry into contracts of the type specified in the last sentence of subsection (a), provided, that the advisory committee may, by majority vote, elect, in its discretion, to delegate some or all of said 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. The agency shall manage the qualified investments made from the fund including, without limitation, the closing, servicing, monitoring, underwriting, and where appropriate, the enforcement of rights with respect thereto 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. The provisions of subsection (d), and subsections (f) to (i), inclusive, and subsection (l) of section 2 shall apply as well to the members and affairs of the advisory committee created pursuant to this section.
Section 28. (a) There is hereby established an advisory committee relative to the fund consisting of the director of business and technology, and 6 other persons, 3 to be appointed by the governor and 3 to be appointed by the board of the agency; provided, however, that said director of business and technology may designate another person from time to time to act in his or her place for a particular purpose, including the right to attend and vote at a meeting of the advisory committee; provided, further, that at least two members of the advisory committee appointed by the governor shall be representatives of an emerging technology industry and at least one member of the advisory committee appointed by the governor shall have knowledge of financing of emerging technology companies, and provided, further, that at least one member of the advisory committee appointed by the board of the agency shall be a representative of an emerging technology industry, and at least one member of the advisory committee appointed by the board of the agency shall have knowledge of financing of emerging technology companies and one member of the advisory committee appointed by the board of the agency shall be a member of the agency’s board of directors. The executive director of the Massachusetts Technology Park Corporation shall serve as an ex-officio member of said advisory committee.
Each appointed member of the advisory committee shall serve for a term of 3 years and thereafter until such member’s successor is appointed; provided, however, that of those initially appointed, 1 of each the governor’s appointees and the board of the agency’s appointees shall serve for a term of 1 year, 1 of each of the governor’s appointees and the board of the agency’s appointees shall serve for a term of 2 years, and 1 of each the governor’s appointees and the board of the agency’s appointees shall serve for a term of 3 years. Any person appointed to fill a vacancy on the advisory committee shall be appointed in a like manner and shall be eligible for reappointment. Any member of the advisory committee appointed by the governor may be removed by the governor for cause. Any member of the advisory committee appointed by the board of the agency may be removed by the board of the agency for cause. The advisory committee and the agency are encouraged to award 1 or more contracts with regard to the management of the fund, which may provide performance-based incentives, with regard to such management.
(b) The members shall elect annually a chairman and vice chairman and shall adopt by-laws governing the affairs of the advisory committee. Four 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 any action to be taken by the advisory committee; and, provided, that except as set forth in the preceding clause, no vacancy in the membership of the advisory committee shall impair the right of a quorum to exercise the powers of the advisory committee.
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. The advisory committee may meet as often as the members shall decide provided, that it shall meet at least once in each calendar quarter and its approval shall be necessary for any expenditure from or commitment of the assets of the fund or entry into contracts of the type specified in the last sentence of subsection (a), provided, that the advisory committee may, by majority vote, elect, in its discretion, to delegate some or all of said 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. The agency shall manage the qualified investments made from the fund including, without limitation, the closing, servicing, monitoring, underwriting, and where appropriate, the enforcement of rights with respect thereto 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. The provisions of subsection (d), and subsections (f) to (i), inclusive, and subsection (l) of section 2 shall apply as well to the members and affairs of the advisory committee created pursuant to this section.
