§ 6-26-201 - Creation. - Arkansas Statutes

6-26-201. Creation.

(a) The Arkansas Teacher Housing Development Foundation shall be operated and controlled by a board of trustees that consists of nine (9) members as follows:

(1) Three (3) members appointed by the President Pro Tempore of the Senate as follows:

(A) One (1) person selected from a list of no fewer than ten (10) names submitted by the Arkansas Education Association;

(B) One (1) person who is selected from a list of no fewer than ten (10) names submitted by the Arkansas State Chamber of Commerce and the Associated Industries of Arkansas; and

(C) One (1) person who has a minimum of ten (10) years' experience in housing development or fundraising;

(2) Three (3) members appointed by the Speaker of the House of Representatives as follows:

(A) One (1) person selected from a list of no fewer than ten (10) names submitted by the Arkansas Education Association;

(B) One (1) person who is selected from a list of no fewer than ten (10) names submitted by the Arkansas State Chamber of Commerce and the Associated Industries of Arkansas; and

(C) One (1) person who has a minimum of ten (10) years' experience in housing development or fundraising;

(3) The President of the Arkansas Chapter of the National Association of Minority Contractors, or his or her designee;

(4) The President of the Arkansas Development Finance Authority, or his or her designee; and

(5) The Executive Director of the Arkansas Teacher Retirement System, or his or her designee.

(b) The appointed board members shall be residents of the State of Arkansas at the time of appointment and throughout their terms.

(c) Appointments to the board shall be for a term of four (4) years.

(d) (1) If a vacancy occurs in an appointed position for any reason, the vacancy shall be filled by appointment by the official that made the appointment.

(2) The new appointee shall serve for the remainder of the unexpired term.

(e) The members shall determine by majority vote who shall serve as chair.

(f) (1) The foundation shall meet at such times and places that the chair deems necessary, but no meetings shall be held outside the State of Arkansas.

(2) Five (5) of the members of the board shall constitute a quorum for the purpose of transacting business.

(3) All actions of the board shall be by a quorum.

(g) All members of the board may receive expense reimbursement in accordance with 25-16-902 to be paid by the Arkansas Teacher Housing Development Foundation.