§99.5.  Governing board; membership; terms; compensation and expenses; chairman and vice chairman; quorum; employees, agents; limitation of liability

A.  The board of the corporation shall exercise all powers, rights, and duties conferred by this Subpart or other provisions of law upon the corporation.  The board shall consist of the governor, the state treasurer, attorney general, president of the Senate and speaker of the House of Representatives, or their legislative designees, and eight members appointed by the governor, one from each congressional district and the remaining member or members from the state at large.  The members of the board, who shall represent the state's diverse population as near as practicable, and who are appointed by the governor shall have a background and significant experience in financial management and investments.  The members of the board appointed by the governor shall be subject to Senate confirmation and shall serve at the pleasure of the governor for terms of four years each, or until their successors shall have been appointed and qualified, as designated by the governor.  Any appointment to fill a vacancy on the board shall be made for the unexpired term of the member whose death, resignation, or removal created such vacancy.  Members on the board may be appointed to an additional term.

B.  The members of the board shall not receive compensation by reason of their membership on the board or attendance at the meetings thereof.  The appointed members of the board shall receive a per diem allowance to be established by the board in an amount not to exceed the amount of per diem authorized for members of the legislature for attendance at meetings of the corporation or committees thereof or for other official duties of the corporation or board, and all members may be reimbursed for travel expenses incurred in the performance of their official duties.  The travel expense reimbursement shall be fixed by the corporation in an amount not to exceed those authorized under state travel regulations.

C.  The members of the board shall annually elect a chairperson and vice chairperson, and, except for secretary-treasurer of the board, such other officers as the members determine necessary.  The state treasurer shall serve as secretary-treasurer of the corporation and board.  The chairperson shall sign and execute all vouchers and other orders for the disbursement of funds belonging to the corporation upon authorization by the board.  The vice chairperson shall exercise the powers of the chairperson when so directed by the chairperson or when the chairperson is absent.  Seven members of the board shall constitute a quorum for the transaction of all business of the corporation.  Meetings of the board shall be held at a time and place as determined by and at the call of the chairperson or when requested by a majority of the members, provided that the board shall meet no less than annually.

D.  The board may delegate its powers to its chairperson, the secretary-treasurer, officers of the corporation or committees of the board, with such standards for the exercise of delegated powers as the board may specify, and may, to the extent not inconsistent with the rights of the holders, revoke any such delegation.

E.  Members of the board and persons acting on the corporation's behalf, while acting within the scope of their duties or employment, shall not be subject to any personal liability resulting from carrying out the powers and duties conferred on them pursuant to this Subpart, and shall have the indemnification rights provided in R.S. 13:5108.1 with respect to such actions.

Acts 2001, No. 1145, §1; Acts 2004, No. 22, §1; Acts 2012, No. 803, §10.