2.__Purpose.__The institute, through a public and private partnership, shall encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in the State's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people.

3.__Board of Directors of the Maine Technology Institute.__The institute is governed and all of its powers exercised by a board of directors, referred to in this chapter as the "board," consisting of 11 voting members and 3 nonvoting members.

A.__The Governor shall appoint 9 voting directors, 7 of whom must be representatives of targeted technologies.__The other 2 directors must have demonstrated significant experience in finance, lending or venture capital.__In making the appointments from targeted technologies, the Governor shall consider recommendations submitted by representatives of targeted technology sectors.__Directors of the board appointed by the Governor are entitled to receive reimbursement at the legislative rate for necessary expenses for their attendance at authorized meetings of the board.

B.__The Commissioner of Economic and Community Development or the commissioner's designee and the Chancellor of the University of Maine System or the chancellor's designee are ex officio voting directors.

C.__The President of the Maine Science and Technology Foundation or the president's designee and the Director of the State Planning Office or the director's designee are ex officio nonvoting directors.

D.__The Maine Technology Institute Director is a nonvoting director.

4.__Terms.__Directors of the board appointed by the Governor are appointed for 3-year terms.__The terms of the initial appointments are staggered as follows:__Three are one-year terms, 3 are 2-year terms and 3 are 3-year terms.__Those directors may serve no more than 2 consecutive terms.__Directors who serve on the board by virtue of their offices serve terms coincident with their terms in office.