2023 Indiana Code
Title 21. Higher Education
Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans
Chapter 5. Secondary Market for Guaranteed Student Loans
21-16-5-1.5. Board of Directors; Appointment; Quorum; Meetings; Salary per Diem

Sec. 1.5 (a) The board of directors of the nonprofit corporation is composed of nine (9) members. The members must be appointed as follows:

(1) Five (5) members appointed by the governor.

(2) One (1) member appointed by the president pro tempore of the senate.

(3) One (1) member appointed by the minority leader of the senate.

(4) One (1) member appointed by the speaker of the house of representatives.

(5) One (1) member appointed by the minority leader of the house of representatives.

(b) None of the members appointed to the board may be members of the general assembly. Not more than five (5) members may belong to the same political party. Members serve at the pleasure of the appointing authority.

(c) The board shall elect from among its members a chair and vice chair.

(d) Five (5) members constitutes a quorum for the transaction of business. An affirmative vote of at least five (5) members is necessary for the board to take action. Members of the board may not vote by proxy.

(e) Meetings of the board shall be held at the call of the chair or whenever any five (5) voting members request a meeting. The members shall meet at least once every three (3) months to attend to the business of the corporation.

(f) Members are entitled to a salary per diem for attending meetings equal to the per diem provided by law for members of the general assembly. The members are also entitled to receive reimbursement for traveling expenses as provided under IC 4-13-1-4 and other expenses actually incurred in connection with the members' duties as approved by the budget agency.

As added by P.L.224-2023, SEC.7.