95-592 C.M.R. ch. 701, § 6 - BOARD ACTION

Current through 2022-14, April 6, 2022

A. Five (5) Board members shall constitute a quorum of the Board. If five (5) Board members are present at the beginning of any meeting, then a quorum exists for the transaction of the business. If any Board member(s) leaves a meeting at which a quorum was originally present, so that less than five (5) Board members remain, a quorum shall be deemed to continue to exist. Notwithstanding the foregoing, a majority of those present and voting is necessary for approval of an application or other action, and the affirmative vote of at least four (4) Board members is required to approve an investment.
B. No Board member may participate in a vote on an application where that member has a direct or indirect pecuniary interest in the outcome of the vote. Every interest of a Board member in any matter before the Board must be disclosed to the Board.
C. In cases where the Board approves an investment, the Board or an authorized subcommittee may issue a term sheet outlining the terms and conditions of the investment. In cases where the application for an investment from the Program Funds are denied, the Board shall issue (or cause to be issued) a letter of denial, which includes an explanation for the denial.
D. The Board shall have a physical location for each meeting at which members of the public may attend. Board members may participate in meetings by teleconference. Board members participating in the meeting by teleconference shall not be entitled to vote nor be deemed present for the purposes of determining a quorum, except in cases when the Chair of the Board determines the allowance of votes by those members participating by teleconference, and the counting of such members towards a quorum is necessary to avoid undue hardship to an applicant for an investment.

Notes

95-592 C.M.R. ch. 701, § 6

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