(a)There is hereby established the Delaware Higher Education Supplemental Loan Authority. The Authority is constituted a public instrumentality and the exercise by the Authority of the powers conferred by this chapter is the performance of an essential public function. The Authority shall consist of 9 members appointed by the Governor. Each member shall be a resident of the State.
(1)Two members shall be trustees, directors, officers or employees of institutions of higher education, at least 1 of whom is from an institution not owned or operated by the State.
(2)Two members shall have had the experience in the field of state and municipal finance, either as a partner, officer or employee of an investment banking firm which originates and purchases state and municipal securities, or as
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(a) There is hereby established the Delaware Higher Education Supplemental Loan Authority. The Authority is constituted a public instrumentality and the exercise by the Authority of the powers conferred by this chapter is the performance of an essential public function. The Authority shall consist of 9 members appointed by the Governor. Each member shall be a resident of the State.
(1) Two members shall be trustees, directors, officers or employees of institutions of higher education, at least 1 of whom is from an institution not owned or operated by the State.
(2) Two members shall have had the experience in the field of state and municipal finance, either as a partner, officer or employee of an investment banking firm which originates and purchases state and municipal securities, or as an officer or employee of an insurance company or bank whose duties relate to the purchase of state and municipal securities as an investment and to the management and control of a state and municipal securities portfolio, and who are not trustees, directors, officers or employees of an institution of higher education.
(3) One member shall have had experience in higher education finance.
(4) Two members shall have had experience with student financial aid.
(5) One member shall be the State Treasurer, ex officio, or the state designee.
(6) One member shall be the Secretary of Finance, ex officio, or the Secretary of Finance’s designee.
(7) Two members shall be appointed from the public at large.
(b) (1) Of the members of the Authority first appointed, 3 shall serve for terms expiring on June 30, 1983, 1984 and 1985, respectively, and until a successor is appointed and qualifies. On the expiration of the term of any member a successor shall be appointed for a term of 3 years and serve until a successor is appointed and qualifies.
(2) The Governor shall appoint a qualified person to fill any vacancy.
(3) A member appointed to fill a vacancy in an unexpired term serves only for the remainder of that term and until a successor is appointed and qualifies.
(4) Any member may be removed by the Governor for misfeasance, malfeasance or wilful neglect of duty or other cause after notice.
(c) (1) Each year the Authority shall elect from among its members:
a. A Chair;
b. A Vice-Chair; and
c. Any other officers it requires.
(2) Each member of the Authority:
a. Serves without compensation; and
b. Is entitled to reimbursement for expenses in accordance with the standard state travel regulations.