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
21-16-5-1.6. Board of Directors; Terms; Vacancies

Sec. 1.6. (a) The term of a member of the board of directors is four (4) years. All terms begin on January 1. Each member holds office for the term of appointment and continues to serve after expiration of the appointment until a successor is appointed and qualified. A member is eligible for reappointment.

(b) A vacancy in the membership of the board under this chapter shall be filled by the appointing authority for the unexpired term in the same manner as the original appointment.

(c) The appointment of members in accordance with section 1.5 of this chapter must be made not later than December 31, 2023. Notwithstanding subsection (a), the terms of the members shall be staggered as follows:

(1) Three (3) members appointed under section 1.5(a)(1) of this chapter shall serve a two (2) year term.

(2) One (1) member appointed under section 1.5(a)(1) of this chapter, the member appointed under 1.5(a)(3) of this chapter, and the member appointed under 1.5(a)(5) of this chapter shall serve a three (3) year term.

(3) One (1) member appointed under section 1.5(a)(1) of this chapter, the member appointed under 1.5(a)(2) of this chapter, and the member appointed under 1.5(a)(4) of this chapter shall serve a four (4) year term.

All subsequent terms of members shall be for four (4) year terms. This subsection expires July 1, 2028.

As added by P.L.224-2023, SEC.8.