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Alabama Code (Last Updated: November 28, 2014) |
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Title16 EDUCATION. |
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Chapter33C. WALLACE-FOLSOM PREPAID COLLEGE TUITION TRUST FUND. |
§16-33C-4. Composition of ACES board.
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(a) The ACES board shall consist of 10 members as follows:
(1) The Lieutenant Governor, or his or her designee.
(2) The Executive Director of the Alabama Commission on Higher Education (ACHE), or his or her designee.
(3) The State Treasurer.
(4) The Chancellor of the Alabama Department of Postsecondary Education, or his or her designee.
(5) One person appointed by the Council of College and University Presidents.
(6) One person appointed by the Speaker of the House of Representatives.
(7) One person appointed by the Lieutenant Governor.
(8) One person appointed by the State Treasurer.
(9) Two persons appointed by the Governor.
(b) Members shall serve for terms of office of four years and shall be eligible for reappointment, and shall serve until a successor is appointed. Any person appointed to fill a vacancy on the ACES board shall be appointed in a like manner and shall serve for only the unexpired term.
(c) Each person so appointed shall possess knowledge, skill, and experience in business or financial matters commensurate with the duties and responsibilities of the plan. No person holding a full-time office or position of employment with the state, any county or municipality in the state, any educational institution, or any instrumentality, agency, or subdivision of the foregoing, shall be eligible for appointment to the ACES board.
(d) Members of the ACES board shall serve without compensation, but may be reimbursed for each day's official duties of the ACES board at the same per diem and travel rate as is paid the employees of the state.
(e) The State Treasurer shall be the chair and presiding officer of the ACES board, and the State Treasurer may appoint such other officers as the ACES board may deem advisable or necessary. A majority of the members of the ACES board shall constitute a quorum for the transaction of the business of the plan.