(a) The responsibility for the proper administration of the fund and the direction of its policies shall be vested in a Board of Trustees consisting of five members as follows: three members appointed by the Governor, who shall be members of the Fund having at least five years of service; and two members appointed by the Governor who shall not be members of the Fund. The Governor, in consultation with the Board will decide upon suitable candidates to fill any Board vacancy or vacancies. The Governor will choose his appointee(s) from among those individuals and send the name(s) to the Legislature for confirmation. The Board shall select its own chairman.
(b) The term of office of the members shall be 5 years except that the original appointees shall be appointed for terms of 1, 2, 3 and 4 years. As their terms expire, new members shall be appointed to fill vacancies and such appointments shall be made for terms of 5 years. A trustee can be removed from the Board by the Governor only for breach of his fiduciary responsibilities or for just cause.History: 1971, PL, 12-29 § 15; 1972, PL 12-48 § 6; amd 1983, PL, 18-3 § 1; 1986, PL 19-37 § 4; amd 1996, PL 24-12.
Amendments 1983 Number of board members increased from 5 to 6.
1986 Subsection (a). amended generally.
Subsection (b): deleted “appointive”; added provision on removal of trustee for breach of fiduciary responsibility.