A. The "education trust board" is created. The board is administratively attached to the department, and the department shall provide administrative support for the board in carrying out its duties pursuant to the Education Trust Act. The board shall consist of the following voting members:
(1) the secretary of higher education or the secretary's designee, who shall be the ex-officio chair of the board;
(2) two members appointed by the governor;
(3) one member representing institutions of higher education appointed by the speaker of the house of representatives; and
(4) one member representing students at institutions of higher education, appointed by the president pro tempore of the senate.
B. The appointed members must possess knowledge, skill and experience in higher education, business or finance.
C. The appointed members shall serve six-year terms, with the exception of the member representing students, who shall be appointed for a two-year term. Vacancies on the board shall be filled by the respective appointing authority for the remainder of the vacating member's term.
D. Three members of the board constitute a quorum. Action may be taken by the board upon an affirmative vote of the majority of members present at the meeting at which a quorum is present. A vacancy in the membership of the board does not impair the right of a quorum to exercise the powers and duties of the board.
E. Members of the board shall be subject to the provisions of the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] and shall receive no other compensation, perquisite or allowance for their service on the board.
History: Laws 1997, ch. 259, § 4; 2011, ch. 51, § 2; 2014, ch. 76, § 4.
ANNOTATIONSThe 2014 amendment, effective May 21, 2014, changed the membership of the education trust board; specified the number of members to constitute a quorum; removed the authority of the board to adopt rules and regulations; in the catchline, after "office", deleted the "powers and duties"; in Subsection A, in the introductory paragraph, in the first sentence, deleted "There is created", and after "attached to the", added "is created", and in the second sentence, after "attached to the", deleted "higher education"; in Subsection A, Paragraph (2), at the beginning of the sentence, changed "one member" to "two members"; added Subsection D; and deleted former Subsection E, which authorized the board to adopt rules and regulations to carry out the provisions of the Education Trust Act and to determine the cost of attendance at institutions of higher education.
The 2011 amendment, effective July 1, 2011, attached the board to the higher education department and removed the state investment officer as a member of the board.