4-17-405 - Board of directors.
4-17-405. Board of directors.
(a) The corporation shall have a board of directors consisting of seven (7) members. The state treasurer, the comptroller of the treasury, and the commissioner of economic and community development and their successors in office shall by virtue of their incumbency in such offices and without further appointment or qualification, be directors of the corporation. Such directors may designate a member of their respective staffs to attend meetings of the board of directors or its committees and to exercise their right to vote in their absence. Such designations must be made in writing to the chair of the board of directors and filed with the secretary of state. Tennessee Tomorrow, Inc. shall nominate persons to fill the positions of the remaining four (4) directors, who shall be appointed from such list of nominees in accordance with the following provisions. In making the nominations and appointments to the board of directors, Tennessee Tomorrow, Inc. and the appointing authorities respectively shall strive to ensure that at least one (1) person appointed to serve on the board is sixty (60) years of age or older and that at least one (1) person appointed to serve on the board is a member of a racial minority. The governor shall appoint two (2) members of the board of directors of the corporation who shall be persons with backgrounds in banking and financial matters. The speaker of the senate and the speaker of the house of representatives shall each appoint one (1) director who shall be persons from the public at large with backgrounds in industry, utilities, technology, or banking and financial matters. The terms of office for the directors shall be for four (4) years, except that three (3) of the initial directors shall be designated to serve terms of one (1), two (2), and three (3) years, respectively, from the date of their appointment, and all other directors shall be designated to serve terms of four (4) years from the date of their appointment. A vacancy occurring during a term shall be filled for the unexpired term. A director shall be eligible for reappointment.
(b) A director shall receive no compensation for the director's services, but is entitled to the necessary expenses, including travel expenses, incurred in the discharge of the director's duties. Each director shall hold office until a successor has been appointed.
(c) The powers of the corporation shall be exercised by the directors thereof.
[Acts 1995, ch. 443, § 5.]