(1) A licensee shall have a board of directors.

    (2) The board of directors of a licensee that is not a business development enterprise shall consist of at least 7 directors. All of the following apply to the board of directors of a licensee that is a business development enterprise:

    (a) The board shall consist of at least 3 directors.

    (b) At least 1/3 of the members of the board shall be individuals designated by the board of the Michigan strategic fund.

    (3) If the licensee is a Michigan limited liability company, the board may consist of members who are not managers of the licensee.

    (4) The board of directors of a licensee shall hold a meeting at least once each calendar quarter.