A. The governing body of the corporation shall be a board of directors that shall consist of the following seven members, who shall be representative of the state‘s diverse population as near as practicable:

            (1) Two representatives, appointed by the governor, who shall have a background and significant experience in financial affairs.

            (2) The state treasurer, or an employee of the Department of the Treasury as his designee.

            (3) The chairperson of the House Committee on Commerce, or a member of that committee designated by the chairperson.

            (4) The chairperson of the Senate Committee on Commerce, Consumer Protection and International Affairs, or a member of that committee designated by the chairperson.

            (5) The secretary of the Public Service Commission, or an employee of the Public Service Commission as his designee.

            (6) The president of the council of the city of New Orleans, a member of the council designated by the president, or a designee of the president who shall have a background and significant experience in financial affairs.

            B. The members of the board appointed by the governor shall serve at the pleasure of the governor. If any person shall cease to serve in any one of the offices specified in Paragraph (2), (3), (4), (5), or (6) of Subsection A of this Section, that person shall thereby cease to be a member of the board of the corporation, and that person’s successor in office shall automatically, and without the necessity of further action by anyone, become a member of the board of the corporation. Notwithstanding La. Rev. Stat. 12:224(B) to the contrary, no board member shall be limited as to the amount of years he may serve on the board.

            C. The quorum necessary for transaction of business is hereby established as four members of the board in attendance. All official action of the governing body shall require the favorable vote of a majority of the board members present and voting at any meeting.

            D. The members of the board, including those who are officers of the corporation, shall receive no salary, but each member shall be reimbursed for necessary travel and other expenses actually incurred while in attendance at the meetings of the board or on business for the board in accordance with state travel regulations.

            E. Except for elected officials who serve on the board, the members of the board shall be confirmed by the Senate. Should any elected official designate a member who is not an elected official, that designee shall be confirmed by the Senate. Members appointed when the Senate is not in session shall serve only until the end of the next regular session, unless confirmed by the Senate. Should the Senate refuse to confirm a member appointed in the interim, then such person shall forfeit the office as of the date on which the Senate refuses to confirm that person.

            F. The governing body shall elect from its members annually a chairman, who shall serve as president of the corporation, and a secretary-treasurer of the corporation and may elect one or more vice presidents from its members. The governing body may delegate its powers to the chairman, the secretary-treasurer, or committees of the board, with such standards for the exercise of delegated powers as the governing body may specify and may, to the extent consistent with the rights of financing parties, revoke any such delegation.

            Acts 2007, No. 55, §3, eff. June 18, 2007; Acts 2021, No. 293, §4, eff. June 14, 2021.