§ 24-115-106 — Meetings of board - quorum - expenses

(1) Three members of
the board shall constitute a quorum for the purpose of conducting business and
exercising the board's powers. Action may be taken by the board upon the
affirmative vote of three members of the board. A vacancy in the membership of the
board shall not impair the right of a quorum to exercise all the rights and perform
all the duties of the board.

(2) Each meeting of the board, for any purpose whatsoever, shall be open to
the public and records of the corporation shall be subject to the open records law
under article 72 of this title. However, the board may go into executive session as
permitted pursuant to section 24-6-402. Notice of meetings shall be as provided in
the bylaws of the corporation. If a meeting of the board is called for the sole
purpose of adopting resolutions authorizing the issuance of notes by the
corporation, one or more members of the board may participate in the meeting and
may vote on the resolutions through the usage of telecommunications devices,
including, but not limited to, the usage of a conference telephone or similar
communications equipment. Participation through telecommunications devices
shall constitute presence in person at such meeting, but use of telecommunications
shall not supersede any requirements for public hearing otherwise provided by law.
Resolutions need not be published or posted, but resolutions and all proceedings
and other acts of the board are public records.

(3) Members of the board shall receive no compensation for services but
shall be entitled to the necessary expenses, including travel and lodging expenses,
incurred in the discharge of their official duties. Any payments for expenses shall
be paid from the critical needs fund, created in section 24-115-111.

Legislative History

Source: L. 2005: Entire article added, p. 748, � 1, effective June 1.