(a) Operational committee.--The authority shall establish by resolution a committee of the board consisting of not more than 21 members to which the authority shall delegate its powers to operate the program. The committee shall consist of the State Treasurer, the Secretary of Community and Economic Development who shall be chairman, the Secretary of Banking, one member appointed by the President pro tempore of the Senate, one member appointed by the Speaker of the House of Representatives, one member appointed by the Minority Leader of the Senate, one member appointed by the Minority Leader of the House of Representatives and up to 14 members appointed by the Governor representing participating investors and members of the general public.

(b) Limitation on voting.--No representative of an eligible institution may serve as a voting member of the committee.

(c) Terms.--The members shall serve at the pleasure of the appointing authority.

(d) Expenses.--The members of the committee shall be entitled to no compensation for their services but shall be entitled to reimbursement for all necessary expenses incurred in connection with the performance of their duties.

(e) Quorum.--A majority of the members of the committee shall constitute a quorum.