§ 23-7-4 — Board of Directors

(a) The board of directors is the governing board of the bank. The board shall consist of seven voting members as follows:
(1) The Director of the Department of Transportation, ex officio, who shall be designated as chair.
(2) The State Finance Director, ex officio, who shall be designated as secretary.
(3) Three members appointed by the Governor.
(4) One member of the House of Representatives appointed by the Speaker of the House of Representatives.
(5) One member of the Senate appointed by the President Pro Tempore of the Senate.
(b) Members appointed by the Governor hold office concurrently with the Governor and until their successors are appointed and qualified. Members appointed by the Speaker of the House of Representatives and the President Pro Tempore of the Senate shall serve during the member’s term of office during which the member was appointed and until the member’s successor is appointed and qualified. The vice chair shall be elected by the board. Any person appointed to fill a vacancy shall be appointed in the same manner as the original appointee for the remainder of the unexpired term.
(c) Any four members of the board of directors shall constitute a quorum for the transaction of business.
(d) All appointing authorities shall coordinate their appointments so that the diversity of gender, race, and geographical areas is reflective of the makeup of this state.

Legislative History

(Act 2015-50, p. 173, §4; Act 2018-290, §1.)