SECTION 1. Section 2 of chapter 23 of the General Laws is hereby amended by striking out subsection (b) and inserting in place thereof the following subsection:-

(b) The agency shall be governed and its corporate powers exercised by a board of directors consisting of the secretary of administration and finance and the secretary of economic development, or their respective designees, and 16 members to be appointed by the governor, 1 of whom shall be experienced in real estate development, 1 of whom shall be experienced in commercial or industrial credit, 1 of whom shall be experienced in mortgage lending, 1 of whom shall be experienced in banking or investment banking, 1 of whom shall be experienced in planning and the redevelopment of environmentally contaminated lands, 1 of whom shall be experienced in health care facility financing, 1 of whom shall be a representative of organized labor, 1 of whom shall be experienced in community economic development and employed by a community development corporation or a representative of the Massachusetts Association of Community Development Corporations, 1 of whom shall be a representative of a community bank in the commonwealth, 1 of whom shall be a representative of an organization of small businesses or manufacturing companies in the commonwealth, 1 of whom shall be experienced in small business financing or restructuring, 1 of whom shall be a small business owner, 1 of whom shall be experienced in supporting the growth of businesses owned by individuals from diverse communities, and 1 of whom shall be the owner of a microbusiness. The secretary of economic development shall serve as chairperson of the board. Each member appointed by the governor shall serve for a term of three years; provided, however, that of the initial appointed members, four shall serve a term of two years and five for three years. Any person appointed to fill a vacancy in the office of a member of the board shall be appointed in a like manner and shall serve for only the unexpired term of such member. Any member shall be eligible for reappointment. Any member may be removed from his appointment by the governor for cause. The governor shall from time to time designate a member or members of the board as its chairperson or co-chairperson as applicable.

SECTION 2. Not later than 30 days after the effective date of section 2, the governor shall appoint the 2 new members of the board of directors, 1 of whom shall be experienced in supporting the growth of businesses owned by individuals from diverse communities, 1 of whom shall be the owner of a microbusiness.