It is enacted by the General Assembly as follows:

SECTION 1. Section 42-10.1-6 of the General Laws in Chapter 42-10.1 entitled "PUBLIC FINANCE MANAGEMENT BOARD" is hereby amended to read as follows:

42-10.1-6. Officers -- Meetings. -- (a) The general treasurer or his {ADD or her ADD} designee shall serve as chairperson and shall preside at meetings of the board.

(b) The board members shall annually elect, by majority vote, one of the members as vice chairman and one of the members as secretary.

(c) The board shall meet on the call of the chairperson, or at the request of a majority of the members, or at the request of the governor. {DEL A majority of all nonlegislative DEL} {ADD Three (3) ADD} members of the board shall constitute a quorum for the transaction of business{DEL . DEL}{ADD , only one (1) of whom may be a legislative member. ADD}

(d) The board shall adopt rules and regulations for the conduct of its business pursuant to the provisions of chapter 35 of this title.

SECTION 2. This act shall take effect upon passage.