§ 3.2-718. The insurance fund, internal operations and management.
A. The insurance fund shall be administered by a governing board andexecutive committee as hereinafter provided. The actions of the governingboard and executive committee pursuant to this compact shall be deemed theactions of the insurance fund.
B. The members of the governing board shall be entitled to one vote each onsuch board. No action of the governing board shall be binding unless taken ata meeting at which a majority of the total number of votes on the governingboard are cast in favor thereof. Action of the governing board shall be onlyat a meeting at which a majority of the members are present.
C. The insurance fund shall have a seal that may be employed as an officialsymbol and that may be affixed to documents and otherwise used as thegoverning board may provide.
D. The governing board shall elect annually, from among its members, achairman, a vice-chairman, a secretary, and a treasurer. The chairman may notsucceed himself. The governing board may appoint an executive director andfix his duties and his compensation, if any. Such executive director shallserve at the pleasure of the governing board. The governing board shall makeprovision for the bonding of such of the officers and employees of theinsurance fund as may be appropriate.
E. Irrespective of the civil service, personnel or other merit system laws ofany of the party states, the executive director, or if there be no executivedirector, the chairman, in accordance with such procedures as the bylaws mayprovide, shall appoint, remove or discharge such personnel as may benecessary for the performance of the functions of the insurance fund andshall fix the duties and compensation of such personnel. The governing boardin its bylaws shall provide for the personnel policies and programs of theinsurance fund.
F. The insurance fund may borrow, accept or contract for the services ofpersonnel from any state, the United States, or any other governmentalagency, or from any person, firm, association, or corporation.
G. The insurance fund may accept for any of its purposes and functions underthis compact any and all donations, and grants of money, equipment, supplies,materials, and services, conditional or otherwise, from any state, the UnitedStates, or any other governmental agency, or from any person and may receive,utilize and dispose of the same. Any donation, gift, or grant accepted by thegoverning board pursuant to this paragraph or services borrowed pursuant tosubsection F shall be reported in the annual report of the insurance fund.Such report shall include the nature, amount, and conditions, if any, of thedonation, gift, grant, or services borrowed and the identity of the donor orlender.
H. The governing board shall adopt bylaws for the conduct of the business ofthe insurance fund and shall have the power to amend and rescind thesebylaws. The insurance fund shall publish its bylaws in convenient form andshall file a copy thereof and a copy of any amendment thereto with theappropriate agency or officer in each of the party states.
I. The insurance fund annually shall make to the Governor and legislature ofeach party state a report covering its activities for the preceding year. Theinsurance fund may make such additional reports as it may deem desirable.
J. In addition to the powers and duties specifically authorized and imposed,the insurance fund may do such other things as are necessary and incidentalto the conduct of its affairs pursuant to this compact.
§ 3.2-718. The insurance fund, internal operations and management.
A. The insurance fund shall be administered by a governing board andexecutive committee as hereinafter provided. The actions of the governingboard and executive committee pursuant to this compact shall be deemed theactions of the insurance fund.
B. The members of the governing board shall be entitled to one vote each onsuch board. No action of the governing board shall be binding unless taken ata meeting at which a majority of the total number of votes on the governingboard are cast in favor thereof. Action of the governing board shall be onlyat a meeting at which a majority of the members are present.
C. The insurance fund shall have a seal that may be employed as an officialsymbol and that may be affixed to documents and otherwise used as thegoverning board may provide.
D. The governing board shall elect annually, from among its members, achairman, a vice-chairman, a secretary, and a treasurer. The chairman may notsucceed himself. The governing board may appoint an executive director andfix his duties and his compensation, if any. Such executive director shallserve at the pleasure of the governing board. The governing board shall makeprovision for the bonding of such of the officers and employees of theinsurance fund as may be appropriate.
E. Irrespective of the civil service, personnel or other merit system laws ofany of the party states, the executive director, or if there be no executivedirector, the chairman, in accordance with such procedures as the bylaws mayprovide, shall appoint, remove or discharge such personnel as may benecessary for the performance of the functions of the insurance fund andshall fix the duties and compensation of such personnel. The governing boardin its bylaws shall provide for the personnel policies and programs of theinsurance fund.
F. The insurance fund may borrow, accept or contract for the services ofpersonnel from any state, the United States, or any other governmentalagency, or from any person, firm, association, or corporation.
G. The insurance fund may accept for any of its purposes and functions underthis compact any and all donations, and grants of money, equipment, supplies,materials, and services, conditional or otherwise, from any state, the UnitedStates, or any other governmental agency, or from any person and may receive,utilize and dispose of the same. Any donation, gift, or grant accepted by thegoverning board pursuant to this paragraph or services borrowed pursuant tosubsection F shall be reported in the annual report of the insurance fund.Such report shall include the nature, amount, and conditions, if any, of thedonation, gift, grant, or services borrowed and the identity of the donor orlender.
H. The governing board shall adopt bylaws for the conduct of the business ofthe insurance fund and shall have the power to amend and rescind thesebylaws. The insurance fund shall publish its bylaws in convenient form andshall file a copy thereof and a copy of any amendment thereto with theappropriate agency or officer in each of the party states.
I. The insurance fund annually shall make to the Governor and legislature ofeach party state a report covering its activities for the preceding year. Theinsurance fund may make such additional reports as it may deem desirable.
J. In addition to the powers and duties specifically authorized and imposed,the insurance fund may do such other things as are necessary and incidentalto the conduct of its affairs pursuant to this compact.
§ 3.2-718. The insurance fund, internal operations and management.
A. The insurance fund shall be administered by a governing board andexecutive committee as hereinafter provided. The actions of the governingboard and executive committee pursuant to this compact shall be deemed theactions of the insurance fund.
B. The members of the governing board shall be entitled to one vote each onsuch board. No action of the governing board shall be binding unless taken ata meeting at which a majority of the total number of votes on the governingboard are cast in favor thereof. Action of the governing board shall be onlyat a meeting at which a majority of the members are present.
C. The insurance fund shall have a seal that may be employed as an officialsymbol and that may be affixed to documents and otherwise used as thegoverning board may provide.
D. The governing board shall elect annually, from among its members, achairman, a vice-chairman, a secretary, and a treasurer. The chairman may notsucceed himself. The governing board may appoint an executive director andfix his duties and his compensation, if any. Such executive director shallserve at the pleasure of the governing board. The governing board shall makeprovision for the bonding of such of the officers and employees of theinsurance fund as may be appropriate.
E. Irrespective of the civil service, personnel or other merit system laws ofany of the party states, the executive director, or if there be no executivedirector, the chairman, in accordance with such procedures as the bylaws mayprovide, shall appoint, remove or discharge such personnel as may benecessary for the performance of the functions of the insurance fund andshall fix the duties and compensation of such personnel. The governing boardin its bylaws shall provide for the personnel policies and programs of theinsurance fund.
F. The insurance fund may borrow, accept or contract for the services ofpersonnel from any state, the United States, or any other governmentalagency, or from any person, firm, association, or corporation.
G. The insurance fund may accept for any of its purposes and functions underthis compact any and all donations, and grants of money, equipment, supplies,materials, and services, conditional or otherwise, from any state, the UnitedStates, or any other governmental agency, or from any person and may receive,utilize and dispose of the same. Any donation, gift, or grant accepted by thegoverning board pursuant to this paragraph or services borrowed pursuant tosubsection F shall be reported in the annual report of the insurance fund.Such report shall include the nature, amount, and conditions, if any, of thedonation, gift, grant, or services borrowed and the identity of the donor orlender.
H. The governing board shall adopt bylaws for the conduct of the business ofthe insurance fund and shall have the power to amend and rescind thesebylaws. The insurance fund shall publish its bylaws in convenient form andshall file a copy thereof and a copy of any amendment thereto with theappropriate agency or officer in each of the party states.
I. The insurance fund annually shall make to the Governor and legislature ofeach party state a report covering its activities for the preceding year. Theinsurance fund may make such additional reports as it may deem desirable.
J. In addition to the powers and duties specifically authorized and imposed,the insurance fund may do such other things as are necessary and incidentalto the conduct of its affairs pursuant to this compact.
