§ 122A-4. North Carolina Housing Finance Agency.
§ 122A‑4. NorthCarolina Housing Finance Agency.
(a) There is herebycreated a body politic and corporate to be known as "North CarolinaHousing Finance Agency" which shall be constituted a public agency and aninstrumentality of the State for the performance of essential public functions.
(b) The Agency shall begoverned by a board of directors composed of 13 members. The directors of theAgency shall be residents of the State and shall not hold other public office.
(c) The GeneralAssembly shall appoint eight directors, four upon the recommendation of theSpeaker of the House of Representatives (at least one of whom shall have hadexperience with a mortgage‑servicing institution and one of whom shall beexperienced as a licensed real estate broker), and four upon the recommendationof the President Pro Tempore of the Senate (at least one of whom shall beexperienced with a savings and loan institution and one of whom shall beexperienced in home building). Appointments by the General Assembly shall be madein accordance with G.S. 120‑121, and vacancies in those appointmentsshall be filled in accordance with G.S. 120‑122. Notwithstanding anyother provision of law, the terms of the four noncategorical appointments bythe General Assembly shall expire on June 30, 1983. Subsequent noncategoricalappointments shall be for terms of two years each. The terms of the initialcategorical appointees by the General Assembly upon the recommendation of theSpeaker shall expire on June 30, 1983; the terms of subsequent appointees shallbe two years. The term of one of the initial categorical appointees by theGeneral Assembly upon the recommendation of the President of the Senate shallexpire on June 30, 1983, and the other on June 30, 1985; the terms ofsubsequent appointees shall be four years.
(d) The Governor shallappoint four of the directors of the Agency; one of such appointees shall beexperienced in community planning, one shall be experienced in subsidizedhousing management, one shall be experienced as a specialist in public housingpolicy, and one shall be experienced in the manufactured housing industry. Thefour appointees of the Governor shall be appointed for staggered four‑yearterms, two being appointed initially for three years and two for four years, andshall continue in office until their successors are duly appointed andqualified. Any person appointed to fill a vacancy shall serve only for theunexpired term.
(e) Any member of theboard of directors shall be eligible for reappointment. The 12 members of theboard shall then elect a thirteenth member to the board by simple majorityvote. Each member of the board of directors may be removed by the Governor formisfeasance, malfeasance or neglect of duty after reasonable notice and apublic hearing, unless the same are in writing expressly waived. Each member ofthe board of directors before entering upon his duties shall take an oath ofoffice to administer the duties of his office faithfully and impartially, and arecord of such oath shall be filed in the office of the Secretary of State.
(f) The Governor shalldesignate from among the members of the Board a chairman and a vice‑chairman.The terms of the chairman and vice‑chairman shall extend to the earlierof either two years or the date of expiration of their then current terms asmembers of the Board of Directors of the Agency. The Agency shall exercise allof its prescribed statutory powers independently of any principal StateDepartment except as described in this Chapter. The Executive Director of theAgency shall be appointed by the Board of Directors, subject to approval by theGovernor. All staff and employees of the Agency shall be appointed by theExecutive Director, subject to approval by the Board of Directors; shall beeligible for participation in the State Employees' Retirement System; and shallbe exempt from the provisions of the State Personnel Act. All employees otherthan the Executive Director shall be compensated in accordance with the salaryschedules adopted pursuant to the State Personnel Act. The salary of theExecutive Director shall be fixed by the Board of Directors. The salary of theExecutive Director and all staff and employees of the Agency shall not besubject to any limitations imposed pursuant to any salary schedule adoptedpursuant to the terms of the State Personnel Act. The Board of Directors shall,subject to the approval of the Governor, elect and prescribe the duties of anyother officers it finds necessary or advisable, and the Board of Directorsshall fix the compensation of these officers. The books and records of theAgency shall be maintained by the Agency and shall be subject to periodicreview and audit by the State.
No part of the revenues orassets of the Agency shall inure to the benefit of or be distributable to itsmembers or officers or other private persons. The members of the Agency shallreceive no compensation for their services but shall be entitled to receive,from funds of the Agency, for attendance at meetings of the Agency or anycommittee thereof and for other services for the Agency reimbursement for suchactual expenses as may be incurred for travel and subsistence in theperformance of official duties and such per diem as is allowed by law formembers of other State boards, commissions and committees.
The Executive Director shalladminister, manage and direct the affairs and business of the Agency, subjectto the policies, control and direction of the members of the Agency Board ofDirectors. The Secretary of the Agency shall keep a record of the proceedingsof the Agency and shall be custodian of all books, documents and papers filedwith the Agency, the minute book or journal of the Agency and its officialseal. The Secretary may have copies made of all minutes and other records anddocuments of the Agency and may give certificates under the official seal ofthe Agency to the effect that such copies are true copies, and all personsdealing with the Agency may rely upon such certificates. Seven members of theBoard of Directors of the Agency shall constitute a quorum and the affirmativevote of a majority of the members present at a meeting of the Board ofDirectors duly called and held shall be necessary for any action taken by theBoard of Directors of the Agency, except adjournment; provided, however, thatthe Board of Directors may appoint an executive committee to act in behalf ofsaid Board during the period between regular meetings of said Board, and saidcommittee shall have full power to act upon the vote of a majority of itsmembers. No vacancy in the membership of the Agency shall impair the rights ofa quorum to exercise all the rights and to perform all the duties of theAgency. (1969,c. 1235, s. 4; 1973, c. 476, s. 128; c. 1262, ss. 51, 86; c. 1296, ss. 18‑20;1975, c. 19, s. 43; 1977, c. 673, s. 4; c. 771, s. 4; 1981, c. 895, s. 2; 1981(Reg. Sess., 1982), c. 1191, s. 32; 1983, c. 148, s. 4; c. 717, ss. 36‑37;1985, c. 479, s. 222; 1987, c. 305, s. 3; 1991 (Reg. Sess., 1992), c. 1039, s.26; 1995, c. 490, s. 24; 2004‑124, s. 31.15(a).)