Section 21-21A-6 - Foundation; board of directors; members; terms; meetings; bylaws.
21-21A-6. Foundation; board of directors; members; terms; meetings; bylaws.
A. The foundation shall be governed by and all of its functions, powers and duties shall be exercised by a board of directors. The board shall consist of eleven members as follows:
(1) six members representing the institutions of higher education, consisting of one member from each of the boards of regents of the university of New Mexico, New Mexico state university, New Mexico highlands university, New Mexico institute of mining and technology, western New Mexico university and eastern New Mexico university, each member to be appointed by the board of regents from which the member is chosen;
(2) the regent members shall appoint three members as follows:
(a) one member shall be an administrator of a private college, university or vocational school located in New Mexico; and
(b) two members shall be officers or directors of financial institutions located in New Mexico;
(3) one member shall be the state treasurer or his designee; and
(4) one member of the governing board of a two-year public community or technical college that is not a branch of a university, who shall be appointed by a representative body of the community and technical colleges.
B. The regent members and governing board member shall serve during their terms as regents or governing board member unless sooner terminated by the appointing boards. A vacancy shall be filled by the board of regents making the original appointment or by the two-year college representative body making the original appointment. The three members appointed by the regent members shall be appointed for four-year terms. A vacancy shall be filled by appointment by the board for the unexpired term.
C. The board shall elect a chairman and such other officers as it deems necessary.
D. Members of the board shall receive no compensation for their service, but shall be reimbursed on a per diem and mileage basis for their actual and necessary expenses reasonably incurred in the performance of their duties as board members, in an amount not exceeding the amount authorized by law for nonsalaried public officers of governmental entities of this state.
E. Board meetings shall be open to the public. The board shall adopt bylaws governing board meetings consistent with the provisions of the Open Meetings Act [10-15-1 NMSA 1978].
F. The foundation shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act [53-8-1 NMSA 1978], governing the conduct of the foundation in the performance of its duties under the Educational Assistance Act [21-21A-1 NMSA 1978] and the federal Higher Education Act of 1965, as amended.
G. Officers and employees of the foundation may serve simultaneously as officers and employees of the corporation, but no additional compensation may be paid for such service. The chairman of the board of directors of the foundation shall serve on the board of directors of the corporation, but no other members of the board of directors of the foundation may serve on the corporation board of directors.