For the purpose of formulating and recommending uniform policies and practices relating to the operations of the business development credit corporations of the Commonwealth and of sharing and coordinating information concerning the economic condition and investment opportunities in the various regions, there shall be established an advisory council of the business development credit corporations to be formed after the organization and authorized operation of two or more corporations. Such council shall consist of one representative from each corporation, the Secretary of Commerce¹ who shall serve as permanent chairman and the Secretary of Banking. Such council shall hold its meeting at least annually or more often as the chairman or the resolutions of the council shall direct.