Section 592-701-6 - BOARD ACTIONA. 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, an authorized subcommittee, or the Managing Director 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 may allow members to participate in a public proceeding using remote methods under the following conditions: 1. After notice and hearing the Board has adopted a written policy governing the conditions upon which members and the public may participate in a public proceeding by remote methods;2. The policy adopted must provide members of the public a meaningful opportunity to attend by remote methods when members participate by remote methods, and reasonable accommodations may be provided when necessary to provide access to individuals with disabilities;3. If the Board allows or is required to provide an opportunity for public input during the proceeding, an effective means of communication between the members and the public must be provided;4. Notice of the proceeding must be provided in accordance with state law. When the public may attend by remote methods, the notice must include the means by which members of the public may access the proceeding using remote methods. The notice must also identify a location for members of the public to attend in person. The Board may limit public attendance at a proceeding solely to remote methods if there is an emergency or urgent situation that requires members to meet only by remote methods;5. A member who participates in a public proceeding by remote methods is present for purposes of a quorum and voting;6. All votes taken during a public proceeding using remote methods must be taken by roll call vote that can be seen and heard if using video technology, and heard if using only audio technology, by the other members and the public; and7. The Board must make all documents and other materials considered available, electronically or otherwise, to the public who attend by remote methods to the same extent customarily available to members of the public who attend the proceedings of the Board in person, as long as additional costs are not incurred by SEGF. The policy adopted pursuant to this subsection applies to a board or committee that is within the jurisdiction of SEGF, unless the board or committee adopts its own policy.
95-592 C.M.R. ch. 701, § 6