Section 8 Board of directors; officers; powers
Section 8. The powers of the authority shall be exercised by the board of directors consisting of thirteen members hereinafter referred to as the board. The director of economic development and his successor in office shall be the chairman and chief executive officer and the board shall elect a secretary and treasurer from their number. At the first meeting in each year they shall elect from their number a secretary and treasurer.
A majority of the members shall constitute a quorum of the board for the purpose of organizing the authority and conducting the business thereof, and, except in the instance of loan applications, all action may be taken by a vote of a majority of the members present, unless in any case the by-laws shall require a larger number; approval or rejection of loan applications shall be by a majority vote of the full membership of the board.
The board shall have full authority to manage the properties and business of the authority, and to prescribe, amend and repeal by-laws, rules and regulations governing the manner in which the business of the authority may be conducted, and the powers granted to it may be exercised and embodied.
The Massachusetts office of business development shall provide staff services to the authority for its administration of this chapter, including liaison between the authority and the industrial development agencies and related organizations, and between the authority and other agencies of the commonwealth whose facilities and services may be useful to the authority in its work.
The authority is authorized to make reimbursement to any agency of the commonwealth for such special expenses as may be incurred in the provision of any services or the use of any facilities required by the authority.
In addition, the authority may employ an executive director who shall be experienced in the fields of economic development, finance and business administration, appoint its own legal counsel, and, as required for special studies and surveys, retain such temporary engineering, finance and other consultants and technicians as it may require.