Board — Appointment Of Members — Term — Removal — Vacancies — Organization — Quorum — Meetings — Compensation

TITLE 57 PUBLIC FUNDS IN GENERAL CHAPTER 7 INVESTMENT OF PERMANENT ENDOWMENT AND EARNINGS RESERVE FUNDS 57-719. Board — Appointment of members — Term — Removal — Vacancies — Organization — Quorum — Meetings — Compensation. The members of the board appointed by the governor shall serve for terms of four (4) years, provided that for the first term the governor shall appoint three (3) members who shall serve for a term of two (2) years, two (2) members who shall serve for a term of three (3) years, and two (2) members who shall serve for a term of four (4) years. Members of the board shall serve until their successors have been selected and qualified. A member of the board appointed by the governor shall not hold an office, position, or employment in a political party, with the exception of those members from the house of representatives and the senate. An appointed member may be removed from the board for cause by a two-thirds (2/3) vote of the full board. A vacancy in the appointive membership of the board during a term thereof shall be filled by appointment by the governor for the unexpired term. There shall be a chairman of the board elected by a majority of the members of the board. A majority of the members of the board shall constitute a quorum for the transaction of business. The meetings of the board shall be held at least quarterly and at other times upon the call of the chairman or a majority of the board. The board members appointed hereunder shall be compensated as provided by section 59-509 (p), Idaho Code.