151B.460 Organization of board -- Quorum -- Meetings -- Compensation --

315 words·~1 min read·/ky/151b-460

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Disclosure of interest -- Staff and administrative assistance -- Records.

(1)At the first board meeting following initial appointment of all board members,

the board shall elect a chair from its membership, and a chair shall be elected

annually thereafter.

(2)A majority of the board of directors of the corporation shall constitute a quorum

for the purpose of conducting its business and exercising its powers and for all

other purposes, notwithstanding the existence of any vacancies on the board of

directors.

(3)The board of directors shall meet at least once a quarter, and may meet at

other times upon call of the chair or at the request of a majority of board

members, and with a minimum of seven

(7)days' notice.

(4)Board members shall receive no compensation for their services but may be

entitled to payment of any reasonable and necessary expense actually incurred

in discharging their duties under KRS 151B.450 to 151B.475, subject to the

availability of funding.

(5)If any board member has a direct or indirect interest in any qualified lender or

any organization serving as a qualified borrower, the interest shall be disclosed

and set forth in the minutes of the board, and the board member having the

interest shall not participate in any action involving the organization in which he

or she has the interest.

(6)The Education and Labor Cabinet shall provide technical, clerical, and

administrative assistance to the board, together with necessary office space

and personnel, and shall provide any other services and support necessary for

the board to perform its functions. The cabinet shall keep a record of the

proceedings of the board and shall be custodian of all books, documents, and

papers which constitute the official records of the corporation. The board may

enter into a contract with the cabinet as may be proper and appropriate for the

provision of these services.