Section 2. (a) An unpaid board of trustees consisting of the state treasurer, ex officio, the secretary of the executive office for administration and finance, ex officio, and the commissioner of the department of environmental protection, ex officio, is hereby constituted as a public instrumentality of the commonwealth to be known as the water pollution abatement trust to administer the Water Pollution Abatement Revolving Fund established pursuant to section two L of chapter twenty-nine. The trust is hereby designated as the instrumentality of the commonwealth to establish and administer within the fund the state revolving fund pursuant to Title VI of the Clean Water Act. The exercise by the trust, and by the board of trustees thereof, of the powers conferred by this chapter shall be deemed to be the performance of an essential public function.
(b) The state treasurer shall serve as chairman of the board of trustees of the trust. The board shall annually elect one of its members as vice-chairman. Each member of the board may appoint a designee pursuant to section six A of chapter thirty. Two members of the board of trustees shall constitute a quorum and the affirmative vote of two trustees shall be necessary and shall suffice for any action taken by the board. Any action of the board may take effect immediately and need not be published or posted unless otherwise provided by law. No vacancy in the membership of the board shall impair the right of a quorum to exercise the powers of the board. Meetings of the board of trustees shall be subject to section eleven A1/2 of chapter thirty A; provided, however, that the provisions of said section eleven A1/2 shall not apply to any meeting of trustees in the exercise of their duties as officers of the commonwealth so long as no matters relating to the official business of the trust are discussed and decided at such meeting. The trust shall be subject to all other provisions of said chapter thirty A; provided, however, that the provisions of said chapter thirty A shall not apply to rules, regulations, procedures and guidelines adopted by the board pursuant to section seven, and records pertaining to the administration of the trust shall be subject to the provisions of section forty-two of chapter thirty and section ten of chapter sixty-six. The fund and all other monies of the trust shall be deemed to be public funds for purposes of chapter twelve A. The operations of the trust shall also be subject to the provisions of chapter two hundred and sixty-eight A and chapter two hundred and sixty-eight B to the same extent as the office of the state treasurer.