Chapter
362
2007 -- H 6345
Enacted 07/07/07
A N A C T
RELATING
TO EDUCATION -- THE RHODE ISLAND STUDENT LOAN AUTHORITY
Introduced
By: Representatives DeSimone, and E Coderre
Date
Introduced: May 01, 2007
It is enacted by the General Assembly as
follows:
SECTION 1. Section
16-62-7 of the General Laws in Chapter 16-62 entitled "The Rhode
Island Student Loan Authority" is hereby
amended to read as follows:
16-62-7.
Directors, officers, and employees. -- (a) The powers of the authority
shall be
vested in a board of directors consisting of seven
(7) six (6) members as follows: five (5)
members appointed by the governor to the Rhode
Island higher education assistance authority
from among members of the general public as
provided in section 16-57-7, all appointments
subject to the advice and consent of the senate;
and the general treasurer, ex-officio. The general
treasurer may designate a subordinate within his
or her department or agency to represent him or
her at all meetings of the board.
(b) The directors
shall receive no compensation for the performance of their duties under
this chapter, but each director shall be
reimbursed for his or her reasonable expenses incurred in
carrying out those duties. A director may engage
in private employment, or in a profession or
business.
(c) The board of
directors shall elect one of its members to serve as chairperson. Four (4)
directors shall constitute a quorum and any
action to be taken by the authority under the
provisions of this chapter may be authorized by
resolution approved by a majority of the directors
present and voting at any regular or special
meeting at which a quorum is present. A vacancy in
the membership of the board of directors shall
not impair the right of a quorum to exercise all the
rights and perform all the duties of the
authority.
(d) In addition
to electing a chairperson, the board of directors shall appoint a secretary
and any additional officers and staff members as
they shall deem appropriate and shall determine
the amount of compensation, if any, each shall
receive. The board of directors may appoint a
chief executive officer and vest in that person
or his or her subordinates the authority to appoint
additional staff members and to determine the
amount of compensation each individual shall
receive.
(e) No fulltime
employee shall during the period of his or her employment by the
authority engage in any other private
employment, profession, or business, including, but not
limited to, consulting.
(f)
Notwithstanding any other law to the contrary, it shall not be or constitute a
conflict
of interest for a director, officer, or employee
of any financial institution, investment banking
firm, brokerage firm, commercial bank, trust
company, savings and loan association, credit union,
insurance company, educational institution, or
any other firm, person, or corporation to serve as a
director of the authority nor shall any contract
or transaction between the authority and any
financial institution, investment banking firm,
brokerage firm, commercial bank, trust company,
savings and loan association, credit union,
insurance company, educational institution, or any
other firm, person, or corporation be void or
voidable by reason of any service as director of the
authority. If any director, officer, or employee
of the authority shall be interested either directly or
indirectly, or shall be a director, officer, or
employee of or have an ownership interest (other than
as the owner of less than one percent (1%) of
the shares of a publicly held corporation) in any
firm or corporation interested directly or
indirectly in any contract with the authority, that interest
shall be disclosed to the authority and set
forth in the minutes of the authority, and the director,
officer, or employee having that interest in it
shall not participate on behalf of the authority in the
authorization of this contract. Interested
directors may be counted in determining the presence of
a quorum at a meeting of the board of directors
of the authority which authorizes the contract or
transaction.
(g) Any action
taken by the authority under the provisions of this chapter may be
authorized by vote at any regular or special
meeting, and each vote shall take effect immediately.
(h) The board of
directors may designate from among its members an executive
committee and one or more other committees each
of which, to the extent authorized by the board
of directors, shall have and may exercise all
the authority of the board of directors, but no
committee shall have the authority of the board
of directors in reference to the disposition of all
or substantially all the property and assets of
the authority, or amending the bylaws of the
authority.
(i) Any action
required by this chapter to be taken at a meeting of the board of directors,
or any action which may be taken at a meeting of
the board of directors, or committee of it, may
be taken without a meeting if a consent in
writing, setting forth the action to be taken, shall be
signed before or after that action by all of the
directors, or all of the members of the committee.
(j) The board
shall conduct a training course for newly appointed and qualified members
and new designees of ex-officio members within
six (6) months of their qualification or
designation. The course shall be developed by
the chair of the board, approved by the board, and
conducted by the chair of the board. The board
may approve the use of any board or staff
members or other individuals to assist with
training. The training course shall include instruction
in the subject area of this chapter and chapters
46 of title 42, 14 of title 36, and 2 of title 38; and
the board's rules and regulations. The director
of the department of administration shall, within
ninety (90) days of the effective date of this
act, disseminate training materials relating to the
provisions of chapters 46 of title 42, 14 of
title 36, and 2 of title 38.
SECTION 2. This
act shall take effect upon passage.
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LC02961
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