Section 10-705 - Board of Trustees(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.