§ 39:99.29 — Governing board; membership; terms; compensation and expenses; chairman and

Louisiana § 39:99.29

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

§99.29. Governing board; membership; terms; compensation and expenses; chairman and
vice chairman; quorum; employees; agents; limitation of liability
A. The board of the corporation shall exercise all powers, rights, and duties conferred
by this Subpart or other provisions of law upon the corporation. The board shall consist of
the governor, state treasurer, attorney general, president of the Senate and speaker of the
House of Representatives, chairman of the Coastal Protection and Restoration Authority
Board, secretary of the Department of Conservation and Energy, secretary of the Department
of Transportation and Development, or their designees, and seven members appointed by the
governor with one member appointed from each congressional district and the remaining
member or members appointed from the state at large. The members of the board who are
appointed by the governor shall represent the state's diverse population as near as practicable
and shall have a background and significant experience in financial management and
investments. The members of the board appointed by the governor shall be subject to Senate
confirmation and shall serve at the pleasure of the governor for terms of four years each, or
until their successors shall have been appointed and qualified, as designated by the governor.
Any appointment to fill a vacancy on the board shall be made for the unexpired term of the
member whose death, resignation, or removal created the vacancy. Members on the board
may be appointed to an additional term.
B. The members of the board shall not receive compensation by reason of their
membership on the board or attendance at the meetings thereof. The appointed members of
the board shall receive a per diem allowance to be established by the board in an amount not
to exceed the amount of per diem authorized for members of the legislature for attendance
at meetings of the corporation or committees thereof or for other official duties of the
corporation or board, and all members may be reimbursed for travel expenses incurred in the
performance of their official duties. The travel expense reimbursement shall be fixed by the
corporation in an amount not to exceed those authorized under state travel regulations.
C. The members of the board shall annually elect a chairperson and vice chairperson,
and, except for secretary-treasurer of the board, such other officers as the members determine
necessary. The state treasurer shall serve as secretary-treasurer of the corporation and board.
The chairperson shall sign and execute all vouchers and other orders for the disbursement
of funds belonging to the corporation upon authorization by the board. The vice chairperson
shall exercise the powers of the chairperson when so directed by the chairperson or when the
chairperson is absent. Eight members of the board shall constitute a quorum for the
transaction of all business of the corporation. Meetings of the board shall be held at a time
and place as determined by and at the call of the chairperson or when requested by a majority
of the members, provided that the board shall meet no less than annually.
D. The board may delegate its powers to its chairperson, the secretary-treasurer,
officers of the corporation or committees of the board, with such standards for the exercise
of delegated powers as the board may specify, and may, to the extent not inconsistent with
the rights of the holders, revoke any such delegation.
E. Members of the board and persons acting on the corporation's behalf, while acting
within the scope of their duties or employment, shall not be subject to any personal liability
resulting from carrying out the powers and duties conferred on them pursuant to this Subpart,
and shall have the indemnification rights provided in R.S. 13:5108.1 with respect to such
actions.

Legislative History

Acts 2007, No. 249, §1, eff. July 6, 2007; Acts 2012, No. 803, §10; Acts 2016, No. 430, §5; Acts 2023, No. 150, §13, eff. Jan. 10, 2024.