(a) As prescribed by law, the Governor shall appoint a Chairman, and the Board, appointed by the Governor, shall elect a Vice-Chairman and a Secretary-Treasurer. The Chairman shall hold office until replaced by the Governor. The Vice-Chairman and Secretary-Treasurer shall hold office until their successors have been elected.
(b) The Board shall employ an executive director to conduct the affairs of the Board under the Board's direction. The executive director shall be responsible for hiring and managing additional staff as necessary to sustain the daily operations of the Board's office.
(c) The Board shall be responsible for establishing an annual budget to govern the expenditure of funds received by the Board. All expenditures must comply with applicable statutory provisions and rules, including the most recently adopted rules of the Texas Building and Procurement Commission relating to Historically Underutilized Businesses.

Source Note: The provisions of this §7.1 adopted to be effective November 21, 2004, 29 TexReg 10509