(a) There is created the Center for Trade and Technology Transfer, which shall function as an economic assistance, information, and technical resource service center. There is also created the Board of Directors of the Center for Trade and Technology Transfer which shall be composed of 11 members to be appointed as follows: (1) two members to be appointed by the chancellor of the University System of Georgia; (2) two members to be appointed by the Speaker of the House of Representatives; (3) two members to be appointed by the President of the Senate; (4) three members to be appointed by the Governor; and (5) two members appointed by the Commissioner of the Department of Industry, Trade and Tourism. The members of the board of directors shall serve for terms of two years and until their respective successors are appointed and qualified. No member may serve more than two terms as a member of the board of directors. The first members of the board of directors shall be appointed not later than July 1, 1999, and the initial terms shall begin on such date. In order to be eligible for appointment as a member, a person must have a proven interest in the advancement of economic and community development, an interest in the development of trade with emerging nations, and an interest in the purposes for which the center was created. Members of the board of directors shall not be entitled to compensation for the duties they perform as members of the board of directors. Each member shall, however, be entitled to the same pay for per diem and expenses as are members of the Georgia General Assembly.

(b) The board of directors shall elect from among the members thereof a chairperson, a vice chairperson, and such other officers as the board shall deem appropriate. The chairperson, or the vice chairperson in the absence of the chairperson, shall call and preside at meetings of the board. A majority of the total membership of the board shall constitute a quorum for the transaction of business. Meetings of the board shall be held at such locations as the chairperson shall determine.

(c) The board of directors shall assist and advise the Center for Trade and Technology Transfer in the performance of its functions and the accomplishment of its purposes. The board shall seek ways to enhance the development of communities throughout the state and the world, to improve trade between this state and emerging nations, and to increase the transfer and beneficial uses and implementation of technology.

(d) The board of directors shall report annually its findings and recommendations to the Governor and the General Assembly.

(e) The Center for Trade and Technology Transfer shall be attached to the University System of Georgia for administrative purposes only.