(2) The board shall consist of:
(a) The State Treasurer or a designee of the State Treasurer;
(b) A representative of persons with intellectual disabilities or other developmental disabilities, who shall be appointed by the State Treasurer;
(c) A representative of accredited private colleges and universities located in this state, who shall be appointed by the State Treasurer; and
(d) Two public members, who by reason of their education and experience are qualified to serve, and who shall be appointed by the State Treasurer.
(3) The State Treasurer shall designate the board chairperson from among the members of the board. The chairperson shall serve at the pleasure of the State Treasurer.
(4) Members of the board appointed by the State Treasurer serve at the pleasure of the State Treasurer for a term of office of three years. Members of the board may be reappointed to subsequent terms.
(5) The State Treasurer shall provide staff and assistance to the board in the administration of the Oregon 529 Savings Network, including the qualified ABLE program established under ORS 178.380, as directed by the board.
(6) A member of the board is entitled to compensation and expenses as provided in ORS 292.495.
(7) A majority of the members of the board constitutes a quorum for the transaction of business. [Formerly 348.849]