Section 16-33C-4

Composition of board.

(a) The board shall consist of 10 members as follows:

The Lieutenant Governor or his designee, the Executive Director of the Alabama Commission on Higher Education (ACHE), the State Treasurer, and, the Chancellor of the Alabama Department of Postsecondary Education, each of whom shall serve ex officio; one person appointed by the Council of College and University Presidents; one person appointed by the Speaker of the House of Representatives; one person appointed by the Lieutenant Governor; one person appointed by the State Treasurer; and two persons appointed by the Governor. Members shall serve for terms of office of four years and shall be eligible for reappointment, and shall serve until a successor is appointed. Any person appointed to fill a vacancy on the board shall be appointed in a like manner and shall serve for only the unexpired term.

(b) Each person so appointed shall possess knowledge, skill, and experience in business or financial matters commensurate with the duties and responsibilities of the plan; provided, however, that no person holding a full-time office or position of employment with the state, any county or municipality in the state, any educational institution, or any instrumentality, agency, or subdivision of the foregoing, shall be eligible for appointment to the board.

(c) Members of the board shall serve without compensation, but may be reimbursed for each day's official duties of the board at the same per diem and travel rate as is paid the employees of the state.

(d) The State Treasurer shall be the chairman and presiding officer of the board, and the State Treasurer may appoint such other officers as the board may deem advisable or necessary. A majority of the members of the board shall constitute a quorum for the transaction of the business of the plan.

(Acts 1989, No. 89-862, p. 1717, §4; Acts 1990, No. 90-570, p. 970, §1; Act 2001-427, p. 544, §1.)