The board of directors is the governing board of the bank. The board consists of seven voting directors as follows: the Chairman of the Department of Transportation Commission, ex officio; one director appointed by the Governor who shall serve as chairman; one director appointed by the Governor; one director appointed by the Speaker of the House of Representatives; one member of the House of Representatives appointed by the Speaker, ex officio; one director appointed by the President of the Senate; and one member of the Senate appointed by the President of the Senate, ex officio. Directors appointed by the Governor, the Speaker of the House, and the President of the Senate shall serve terms coterminous with those of their appointing authority. The terms for the legislative members are coterminous with their terms of office. The vice chairman must be elected by the board. Any person appointed to fill a vacancy must be appointed in the same manner as the original appointee for the remainder of the unexpired term.
HISTORY: 1997 Act No. 148, Section 2; 2019 Act No. 1 (S.2), Section 44, eff January 31, 2019.
Effect of Amendment
2019 Act No. 1, Section 44, in the second sentence, substituted "President of the Senate" for "President Pro Tempore of the Senate" in two places, and in the third sentence, substituted "the Speaker of the House, and the President of the Senate" for "the Speaker, and the President Pro Tempore".