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12e-5
12E.5 GOVERNING BOARD.
1. The powers of the authority are vested in and shall be
exercised by a board consisting of the treasurer of state, the
auditor of state, and the director of the department of management.
Notwithstanding the provisions of section 12.30, subsection 2,
regarding ex officio nonvoting status, the treasurer of state shall
act as a voting member of the authority.
2. Two members of the board constitute a quorum.
3. The members shall elect a chairperson, vice chairperson, and
secretary, annually, and other officers as the members determine
necessary. The treasurer of state shall serve as treasurer of the
authority.
4. Meetings of the board shall be held at the call of the
chairperson or when a majority of the members so requests.
5. The members of the board shall not receive compensation by
reason of their membership on the board. Section History: Recent Form
2000 Acts, ch 1208, §5, 25
