Section 2. There shall be an advisory board to the comptroller which shall consist of the attorney general, the treasurer, the secretary of administration and finance who shall be the chairman, the auditor, the court administrator of the trial court, and two persons who have experience in accounting, management, or public finance who shall be appointed by the governor, not more than one of which two shall be members of the same political party. The appointed members shall serve for three year terms, provided, that one such member shall be initially appointed for a two year term and one such member shall be initially appointed for a full three year term. The appointed members may be removed for cause and their successors shall be appointed in the same manner as an initial appointment. The members of the advisory board to the comptroller shall be reimbursed for necessary and reasonable expenses incurred in the performance of their duties, but shall not be otherwise compensated for their services.

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The advisory board to the comptroller shall meet at least four times a year. Said advisory board shall provide advice and counsel to the comptroller in the performance of his duties. The advisory board shall be responsible for reviewing any rules or regulations promulgated by the comptroller prior to their implementation. The advisory board shall also review prior to publication the annual financial report of the commonwealth published by the comptroller.

Any action of the advisory board shall be taken with the approval of no less than four members of the advisory board.