Section 97. There shall be a board, to be known as the finance advisory board, in this section and in section ninety-eight, called the board, to consist of the state treasurer and four members appointed by the governor, with the advice and consent of the council. Said members appointed by the governor shall be designated in their original appointments to serve for one, two, three and four years, respectively. Upon the expiration of the term of a member, his successor shall be appointed for a term of four years. At least two members appointed by the governor shall be persons with expert knowledge of the field of investment of funds. The governor shall, from time to time, designate one of the members as chairman. The members shall serve without compensation but shall receive their necessary expenses incurred in the discharge of their official duties. The commission on administration and finance shall provide the board with such clerical and other assistance as the board may deem necessary from time to time.