21-21K-4. Board created; members; appointment; terms of office; powers and duties.
A. There is created the "education trust board". The board is administratively attached to the commission, and the commission shall provide administrative support for the board in carrying out its duties pursuant to the Education Trust Act [21-21K-1 NMSA 1978]. The board shall consist of the following voting members:
(1) the executive director of the commission, or his designee, who shall be the ex-officio chair of the board;
(2) the state investment officer, or his designee;
(3) one member appointed by the governor;
(4) one member representing institutions of higher education appointed by the speaker of the house of representatives; and
(5) one member representing students at institutions of higher education appointed by the president pro tempore of the senate.
B. The appointed members must possess knowledge, skill and experience in higher education, business or finance.
C. The appointed members shall serve six-year terms, with the exception of the member representing students, who shall be appointed for a two-year term. Vacancies on the board shall be filled by the respective appointing authority for the remainder of the vacating member's term.
D. Members of the board shall be subject to the provisions of the Per Diem and Mileage Act [10-8-1 NMSA 1978] and shall receive no other compensation, perquisite or allowance for their service on the board.
E. The board is authorized to adopt and promulgate rules and regulations as necessary to carry out the provisions of the Education Trust Act, protect the financial integrity of the fund, preserve the program's benefits and assure the appropriate use of the tax benefits. The board shall also determine and adopt by regulation the cost of attendance at institutions of higher education, provided that the cost of attendance shall include the same components and allowances as are used to determine cost of attendance for the federal student financial assistance programs.
21-21K-4. Board created; members; appointment; terms of office; powers and duties.
A. There is created the "education trust board". The board is administratively attached to the commission, and the commission shall provide administrative support for the board in carrying out its duties pursuant to the Education Trust Act [21-21K-1 NMSA 1978]. The board shall consist of the following voting members:
(1) the executive director of the commission, or his designee, who shall be the ex-officio chair of the board;
(2) the state investment officer, or his designee;
(3) one member appointed by the governor;
(4) one member representing institutions of higher education appointed by the speaker of the house of representatives; and
(5) one member representing students at institutions of higher education appointed by the president pro tempore of the senate.
B. The appointed members must possess knowledge, skill and experience in higher education, business or finance.
C. The appointed members shall serve six-year terms, with the exception of the member representing students, who shall be appointed for a two-year term. Vacancies on the board shall be filled by the respective appointing authority for the remainder of the vacating member's term.
D. Members of the board shall be subject to the provisions of the Per Diem and Mileage Act [10-8-1 NMSA 1978] and shall receive no other compensation, perquisite or allowance for their service on the board.
E. The board is authorized to adopt and promulgate rules and regulations as necessary to carry out the provisions of the Education Trust Act, protect the financial integrity of the fund, preserve the program's benefits and assure the appropriate use of the tax benefits. The board shall also determine and adopt by regulation the cost of attendance at institutions of higher education, provided that the cost of attendance shall include the same components and allowances as are used to determine cost of attendance for the federal student financial assistance programs.
21-21K-4. Board created; members; appointment; terms of office; powers and duties.
A. There is created the "education trust board". The board is administratively attached to the commission, and the commission shall provide administrative support for the board in carrying out its duties pursuant to the Education Trust Act [21-21K-1 NMSA 1978]. The board shall consist of the following voting members:
(1) the executive director of the commission, or his designee, who shall be the ex-officio chair of the board;
(2) the state investment officer, or his designee;
(3) one member appointed by the governor;
(4) one member representing institutions of higher education appointed by the speaker of the house of representatives; and
(5) one member representing students at institutions of higher education appointed by the president pro tempore of the senate.
B. The appointed members must possess knowledge, skill and experience in higher education, business or finance.
C. The appointed members shall serve six-year terms, with the exception of the member representing students, who shall be appointed for a two-year term. Vacancies on the board shall be filled by the respective appointing authority for the remainder of the vacating member's term.
D. Members of the board shall be subject to the provisions of the Per Diem and Mileage Act [10-8-1 NMSA 1978] and shall receive no other compensation, perquisite or allowance for their service on the board.
E. The board is authorized to adopt and promulgate rules and regulations as necessary to carry out the provisions of the Education Trust Act, protect the financial integrity of the fund, preserve the program's benefits and assure the appropriate use of the tax benefits. The board shall also determine and adopt by regulation the cost of attendance at institutions of higher education, provided that the cost of attendance shall include the same components and allowances as are used to determine cost of attendance for the federal student financial assistance programs.
