§ 21-16-703 — Wyoming higher education assistance authority; creation; termination; board of directors; composition; compensation; meetings; surety bonds; personal liability; fiscal control

(a) The Wyoming higher education assistance authority is
established as a body corporate to operate as a state
instrumentality solely for the public benefit. The authority
shall exist perpetually or until terminated by law. Unless
adequate provision has been made for payment, no termination of
the authority shall take effect if the authority has obligations
outstanding. Upon termination, all rights and properties of the
authority shall pass to and be vested in the state.
(b) The board of directors of the authority is created and
shall consist of nine (9) directors as follows:
(i) The governor;
(ii) The state treasurer;
(iii) Seven (7) directors appointed by the governor
with the advice and consent of the senate, not more than
seventy-five percent (75%) of whom shall be of the same
political party.
(c) Appointed directors shall serve for staggered terms of
four (4) years each and shall not serve more than two (2)
successive four (4) year terms. An appointed director may be
removed from office by the governor pursuant to W.S. 9-1-202(a)
or by a majority vote of the senate. Directors shall continue
in office until their successors are appointed and qualified.
If a vacancy occurs, the governor shall in accordance with W.S.
28-12-101, appoint a successor. The board shall select one (1)
of its members to serve as chairman and one (1) member to serve
as treasurer. Each appointed director shall receive
compensation for each day or part of a day in which engaged in
the performance of their official duties at the same rate
provided members of the state legislature under W.S. 28-5-101
and shall be reimbursed for actual and necessary expenses
incurred in the performance of their official duties.
(d) The board shall determine the date, time, place and
method of notice for all regular meetings of the board. A
majority of the directors constitutes a quorum for the
transaction of any business or the exercise of any power or
function of the authority. All matters shall be decided by a
majority vote of the voting members of the board. Minutes of
board meetings shall be kept, maintained and open to members of
the public. Public notice of meetings shall be given prior to
the meetings and meetings shall be open to the public in
accordance with W.S. 16-4-401 through 16-4-408. In emergency
circumstances, if so determined by two-thirds (2/3) of its
members, the board may take action by conference telephone or
similar electronic communications equipment whereby all persons
participating in the meeting can hear each other at the same
time. Such action shall be recorded, immediately transcribed as
minutes of the board and notice given of their availability for
public review. The finding by the board that an emergency
exists shall be binding and conclusive unless clearly erroneous.
(e) The authority shall execute and maintain at its
expense a blanket surety bond covering each director, the
executive director and employees or other officers of the
authority in a penal sum of two hundred fifty thousand dollars
($250,000.00). The directors, the executive director, employees
or any other person executing obligations shall not be subject
to any personal liability by reason of their issuance.