§ 116‑203. Authority created as subdivision of State; appointment, terms and removal ofboard of directors; officers; quorum; expenses and compensation of directors.
There is hereby created and constituted a political subdivision of theState to be known as the "State Education Assistance Authority." Theexercise by the Authority of the powers conferred by this Article shall bedeemed and held to be the performance of an essential governmental function.
The Authority shall be governed by a board of directors consisting ofseven members, each of whom shall be appointed by the Governor. Two of thefirst members of the board appointed by the Governor shall be appointed forterms of one year, two for terms of two years, two for terms of three years,and one for a term of four years from the date of their appointment; andthereafter the members of the board shall be appointed for terms of four years.Vacancies in the membership of the board shall be filled by appointment of theGovernor for the unexpired portion of the term. Members of the board shall besubject to removal from office in like manner as are State, county, town anddistrict officers. Immediately after such appointment, the directors shallenter upon the performance of their duties. The board shall annually elect oneof its members as chairman and another as vice‑chairman, and shall alsoelect annually a secretary, or a secretary‑treasurer, who may or may notbe a member of the board. The chairman, or in his absence, the vice‑chairman,shall preside at all meetings of the board. In the absence of both the chairmanand vice‑chairman, the board shall appoint a chairman pro tempore, whoshall preside at such meetings. Four directors shall constitute a quorum forthe transaction of the business of the Authority, and no vacancy in themembership of the board shall impair the right of a quorum to exercise all therights and perform all the duties of the Authority. The favorable vote of atleast a majority of the members of the board present at any meeting is requiredfor the adoption of any resolution or motion or for other official action. Themembers of the board are entitled to the travel expenses, subsistenceallowances and compensation provided in G.S. 138‑5. These expenses andcompensation shall be paid from funds provided under this Article, or asotherwise provided. (1965, c. 1180, s.1; 1979, c. 165, s. 3.)
§ 116‑203. Authority created as subdivision of State; appointment, terms and removal ofboard of directors; officers; quorum; expenses and compensation of directors.
There is hereby created and constituted a political subdivision of theState to be known as the "State Education Assistance Authority." Theexercise by the Authority of the powers conferred by this Article shall bedeemed and held to be the performance of an essential governmental function.
The Authority shall be governed by a board of directors consisting ofseven members, each of whom shall be appointed by the Governor. Two of thefirst members of the board appointed by the Governor shall be appointed forterms of one year, two for terms of two years, two for terms of three years,and one for a term of four years from the date of their appointment; andthereafter the members of the board shall be appointed for terms of four years.Vacancies in the membership of the board shall be filled by appointment of theGovernor for the unexpired portion of the term. Members of the board shall besubject to removal from office in like manner as are State, county, town anddistrict officers. Immediately after such appointment, the directors shallenter upon the performance of their duties. The board shall annually elect oneof its members as chairman and another as vice‑chairman, and shall alsoelect annually a secretary, or a secretary‑treasurer, who may or may notbe a member of the board. The chairman, or in his absence, the vice‑chairman,shall preside at all meetings of the board. In the absence of both the chairmanand vice‑chairman, the board shall appoint a chairman pro tempore, whoshall preside at such meetings. Four directors shall constitute a quorum forthe transaction of the business of the Authority, and no vacancy in themembership of the board shall impair the right of a quorum to exercise all therights and perform all the duties of the Authority. The favorable vote of atleast a majority of the members of the board present at any meeting is requiredfor the adoption of any resolution or motion or for other official action. Themembers of the board are entitled to the travel expenses, subsistenceallowances and compensation provided in G.S. 138‑5. These expenses andcompensation shall be paid from funds provided under this Article, or asotherwise provided. (1965, c. 1180, s.1; 1979, c. 165, s. 3.)
§ 116‑203. Authority created as subdivision of State; appointment, terms and removal ofboard of directors; officers; quorum; expenses and compensation of directors.
There is hereby created and constituted a political subdivision of theState to be known as the "State Education Assistance Authority." Theexercise by the Authority of the powers conferred by this Article shall bedeemed and held to be the performance of an essential governmental function.
The Authority shall be governed by a board of directors consisting ofseven members, each of whom shall be appointed by the Governor. Two of thefirst members of the board appointed by the Governor shall be appointed forterms of one year, two for terms of two years, two for terms of three years,and one for a term of four years from the date of their appointment; andthereafter the members of the board shall be appointed for terms of four years.Vacancies in the membership of the board shall be filled by appointment of theGovernor for the unexpired portion of the term. Members of the board shall besubject to removal from office in like manner as are State, county, town anddistrict officers. Immediately after such appointment, the directors shallenter upon the performance of their duties. The board shall annually elect oneof its members as chairman and another as vice‑chairman, and shall alsoelect annually a secretary, or a secretary‑treasurer, who may or may notbe a member of the board. The chairman, or in his absence, the vice‑chairman,shall preside at all meetings of the board. In the absence of both the chairmanand vice‑chairman, the board shall appoint a chairman pro tempore, whoshall preside at such meetings. Four directors shall constitute a quorum forthe transaction of the business of the Authority, and no vacancy in themembership of the board shall impair the right of a quorum to exercise all therights and perform all the duties of the Authority. The favorable vote of atleast a majority of the members of the board present at any meeting is requiredfor the adoption of any resolution or motion or for other official action. Themembers of the board are entitled to the travel expenses, subsistenceallowances and compensation provided in G.S. 138‑5. These expenses andcompensation shall be paid from funds provided under this Article, or asotherwise provided. (1965, c. 1180, s.1; 1979, c. 165, s. 3.)
