(a) Composition. The powers of the Corporation shall be exercised by a seven member Board of Directors.
(1) The Board of Directors shall consist of:
(A) the Chairman of the Board of Trustees of the University of the Virgin Islands and the President of the University of the Virgin Islands as ex-officio members with a vote;
(B) two members selected by the Board of Trustees from among its members with the advice and consent of the Legislature; and
(C) three members from the private sector appointed by the Governor with the advice and consent of the Legislature”;
(2) The member of the Board selected from among the Trustees must be a trustee at the time of the appointment to the Board of the Research Park, but is not required to be a trustee as a condition of continued service on the Board of the Research and Technology Development Park, provided however, that such continued service may not exceed six months beyond the date the member's service on the Board of Trustees has ended.
(3) The Secretary of the Board of Trustees shall serve as the Secretary of the Board. The Secretary shall be empowered, along with such other Corporation officers as the Board may designate, to affix the corporate seal.
(b) Terms. Each member of the Board appointed by the Governor shall serve at the pleasure of the Governor up to a maximum term of five (5) years. Each member of the Board selected from among the Trustees shall serve at the pleasure of the Board of Trustees until their successor is appointed.
(c) Chairman of the Board. The Chairman of the Board shall be elected by the Board of Directors, and shall serve for a period of two years.
(d) Quorum. Five members of the Board shall constitute a quorum for the transaction of all business to be conducted at a meeting of the Board and all action shall be taken by a vote of a majority of those present at such a meeting, unless otherwise provided herein.