There is a Board of Trustees of the Trust. The Board consists of seven members appointed by the Governor with the advice and consent of the Senate. Of the seven members: four shall represent the investors and have been recommended to the Governor by the investors; at least one shall have expertise in venture capital financing; and at least one shall have experience as a small business owner. Each member shall be a resident of the State. The Governor shall consider geographic diversity of the State when appointing members of the Board. The term of a member is 4 years. The terms of members are staggered as required by the terms provided for members of the Board on October 1, 2008. At the end of a term, a member continues to serve until a successor is appointed and qualifies. 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. The Governor may remove a member with or without cause. The Governor shall appoint a chair from among the Board members. A majority of the members then serving on the Board is a quorum. A majority vote of the members present at a meeting having a quorum is needed for the Board to act. A member of the Board: may not receive compensation as a member of the Board; but is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget. The Board: shall manage the Trust; and exercises all of the corporate powers of the Trust.