Appointment of director -- Qualifications -- Nature of employment -- Removal by petition.
Checkout our iOS App for a better way to browser and research.
(1) The office shall be managed by a director.
(2) If there is a vacancy in the director position, the board shall appoint an individual as director.
(3) The board shall ensure that an individual appointed as director possesses:
(a) outstanding professional qualifications pertinent to the prudent investment of trust fund money; and
(b) expertise in institutional investment management.
(4) The director is an at-will employee who may be removed by the board at any time with or without cause.
(5)
(a) The advocacy office director may submit a written petition to the board requesting the board to remove the director for cause, explained in the petition.
(b) The board shall hold a hearing on a petition under Subsection (5)(a) within 45 days after receiving the petition.
(c) If, after holding a hearing, the board finds by a preponderance of the evidence that there is cause for removing the director, the board shall remove the director.