(a)  The business and affairs of the research foundation shall be managed by a thirteen (13) member board of directors. The board of directors shall include four (4) ex-officio voting members:

(1)  The president of the University of Rhode Island;

(2)  The vice president for administration of the University of Rhode Island;

(3)  The vice president for research of the University of Rhode Island; and

(4)  The Chairman of the Board of Governors or his or her designee. The remaining nine (9) members of the board of directors shall be appointed by the President of the University of Rhode Island and serve an initial term as follows: one-third (?) of the directors serving a one year term; one-third (?) of the directors serving a two (2) year term, and one-third (?) of the directors serving a three (3) year term.

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(b)  Thereafter, at each annual meeting, as vacancies on the board occur from expiration of term, the board shall elect members of the board who shall serve for a three (3) year term. Vacancies other than from expiration of term may be filled by the remaining members of the board at a special meeting called for that purpose. An outgoing director shall not be permitted to vote on his or her successor.

(c)  Each director, other than ex-officio directors, shall hold office for the term for which elected and until a successor is elected and may be re-elected to two (2) additional three (3) year terms.