Section 1. There shall be a state agency within the executive office for administration and finance called the office of the comptroller. The comptroller shall be the administrative and executive head of said office and shall be appointed by the governor for a term coterminous with the governor’s. The person so appointed shall be selected without regard to political affiliation and solely on the basis of integrity and demonstrated ability and an advanced degree in accounting, auditing, financial management, business administration, or public administration.

At the time of his appointment as comptroller, the person so appointed shall give bond in the amount of twenty-five thousand dollars or such other amount as the advisory board to the comptroller shall fix for the faithful performance of his duties. Notwithstanding the provisions of chapter thirty the comptroller shall receive a salary as determined by the advisory board to the comptroller; provided, however, that the salary of the comptroller shall not be adjusted to reflect bond premiums nor shall such premiums be paid by or reimbursed by the office of the comptroller or with any state monies.

The person so appointed may be removed from said office, for cause, by the governor. Such cause shall include neglect of duty, misconduct, or conviction of a crime.

In the case of a vacancy in the position of comptroller, his successor shall be appointed in the same manner.