49-7-804 - Board of trustees Creation Members.
49-7-804. Board of trustees Creation Members.
(a) There is created a board of trustees of the program composed of nine (9) members as follows:
(1) The state treasurer, ex officio;
(2) The comptroller of the treasury, ex officio;
(3) The commissioner of finance and administration, ex officio;
(4) The secretary of state, ex officio;
(5) The chancellor of the state board of regents, ex officio;
(6) The president of the University of Tennessee system, ex officio;
(7) The executive director of the Tennessee student assistance corporation, ex officio;
(8) The executive director of the Tennessee higher education commission, ex officio; and
(9) One (1) representative of the Tennessee Independent Colleges and Universities Association appointed by the state treasurer from a list of two (2) nominees submitted by the board of directors of the Tennessee Independent Colleges and Universities Association. The representative shall be appointed for a term of three (3) years. Any person so appointed shall be eligible for reappointment and shall serve until a successor qualifies.
(b) Members of the board may designate members of their respective staffs to attend meetings of the board and to exercise their right to vote in their absence. The designations shall be in writing to the board chair and filed with the secretary of state. The state treasurer shall serve as chair of the board.
(c) Members of the board shall serve without compensation but shall receive reasonable reimbursement for actual and necessary travel expenses in accordance with the travel regulations promulgated by the department of finance and administration and approved by the attorney general and reporter.
(d) A majority of the members of the board serving shall constitute a quorum for the transaction of business at a meeting of the board. Voting upon action taken by the board shall be conducted by a majority vote of the members present at the meeting of the board. The board shall meet at the call of the chair and as may be otherwise provided in any rules or regulations promulgated by the board pursuant to § 49-7-805(16). Meetings of the board may be held anywhere within the state.
(e) The business of the board shall be conducted at meetings of the board held in compliance with title 8, chapter 44. Except as provided in § 49-7-825, all records of the board shall be made available to the public in compliance with title 10, chapter 7.
(f) The board is attached to the department of the treasury, as a division of the department of the treasury, for all administrative purposes.
(g) The board may delegate to the state treasurer the duty to carry out the day-to-day operations and responsibilities of the program. In exercising the delegation, the state treasurer shall be authorized to exercise such powers as are vested in the board that are necessary to fulfill the delegated duties and responsibilities, and may assign any duties and responsibilities to the state treasurer's staff as the state treasurer deems necessary and proper.
[Acts 1995, ch. 388, § 1; T.C.A., § 49-7-805; Acts 1996, ch. 991, § 1; 1997, ch. 163, §§ 2, 7; 1999, ch. 233, §§ 8, 9, 38, 39, 41, 42.]