2006 New Mexico Statutes - Section 6-8-3 — Council terms and qualifications.

6-8-3. Council terms and qualifications.

Members of the council appointed by the governor, with the advice and consent of the senate, shall serve for staggered terms of five years. Members of the council shall serve until their successors are appointed and have qualified.   

The members of the council appointed pursuant to Subsection E of Section 6-8-2 NMSA 1978 shall be qualified by competence and experience in the field of investment or finance. During tenure, a member of the council shall not be engaged in any capacity in the sale of securities to the state. Members of the council and officers and employees of the council shall be governed by the provisions of the Conflict of Interest Act [Chapter 10, Article 16 NMSA 1978]. Nothing in this section or in the Conflict of Interest Act shall be construed as prohibiting an officer of a financial institution from participating as a member of the council in setting general policies of the council, nor shall any provision of the Conflict of Interest Act prohibit the council or the state treasurer from depositing funds under the jurisdiction of the council in any financial institution. A council member shall not hold an office or employment in a political party.   

Any member of the council appointed pursuant to Subsection E or G of Section 6-8-2 NMSA 1978 may be removed from the council by the governor, for cause, in the manner provided for removal of members of boards of regents under Article 12, Section 13 of the constitution of New Mexico. A vacancy in the membership of the council occurring other than by expiration of term shall be filled in the same manner as the original appointment but for the unexpired term only.