I. There shall be a council of partner agencies to assist and advise the commissioner of business and economic affairs which shall consist of the following members:
(a) The executive director of the business finance authority.
(b) The chancellor of the community college system.
(c) The executive director of the community development finance authority.
(d) The executive director of the New Hampshire housing finance authority.
(e) The chancellor of the university system of New Hampshire.
II. The council shall develop bylaws to guide its operations.
III. The commissioner of the department of business and economic affairs shall chair the council.