173.360. Higher education loan authority, created--members, selection procedure, qualifications--terms--vacancy--removal procedure.

MISSOURI STATUTES AND CODES

173.360. Higher education loan authority, created--members, selection procedure, qualifications--terms--vacancy--removal procedure.

Higher education loan authority, created--members, selectionprocedure, qualifications--terms--vacancy--removal procedure.

173.360. In order to assure that all eligible postsecondary educationstudents have access to student loans that are guaranteed or insured, orboth, and in order to support the efforts of public colleges anduniversities to create and fund capital projects, and in order to supportthe Missouri technology corporation's ability to work with colleges anduniversities in identifying opportunities for commercializing technologies,transferring technologies, and to develop, recruit, and retain entitiesengaged in innovative technologies, there is hereby created a body politicand corporate to be known as the "Higher Education Loan Authority of theState of Missouri". The authority is hereby constituted a publicinstrumentality and body corporate, and the exercise by the authority ofthe powers conferred by sections 173.350 to 173.450* shall be deemed to bethe performance of an essential public function. The authority shallconsist of seven members, five of whom shall be appointed by the governorby and with the advice and consent of the senate, each of whom shall be aresident of the state; and a member of the coordinating board; and thecommissioner of higher education. In making appointments to the authority,the governor shall take into consideration nominees recommended to him forappointment by the chairman of the coordinating board. Two of theappointed members shall be representatives of higher educationinstitutions, one public and one private, in Missouri, two of the appointedmembers shall be representatives of lending institutions in Missouri, andone of the appointed members shall be representative of the public. Themembers of the authority first appointed by the governor shall be appointedto serve for terms of one, two, three, four and five years, respectively,from the date of appointment, or until their successors shall have beenappointed and shall have qualified. The initial term of each member is tobe designated by the governor at the time of making the appointment. Uponthe expiration of the initial terms of office, successor members shall beappointed for terms of five years and shall serve until their successorsshall have been appointed and shall have qualified. Any member shall beeligible for reappointment. The governor shall fill any vacancy in theauthority for the members he appoints for the remainder of the unexpiredterm. Any member of the authority may be removed by the governor formisfeasance, malfeasance, willful neglect of duty, or other cause afternotice and a public hearing unless the notice or hearing shall be expresslywaived in writing.