New Mexico Statutes 21-21A-6. Foundation; board of directors; members; terms;
meetings; bylaws.
Terms Used In New Mexico Statutes 21-21A-6
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A. The foundation shall be governed by and all of its functions, powers and duties shall be exercised by a board of directors. After the effective date of this 2011 act, the board sitting prior to the effective date of this 2011 act shall appoint the next successor board and shall establish staggered four-year terms for the members. The board shall consist of the following members:
(1) the state treasurer or the state treasurer’s designee; (2) two members representing post-secondary education; (3) two members representing lending institutions; and
(4) other members as provided by the foundation bylaws.
B. A vacancy shall be filled by appointment by the board for the unexpired term.
C. The board shall elect a chair and such other officers as it deems necessary.
D. Members of the board shall receive no compensation for their service, but may be reimbursed on a per diem and mileage basis for their actual and necessary expenses reasonably incurred in the performance of their duties as board members, in an amount not exceeding the amount authorized by law for nonsalaried public officers of governmental entities of this state.
E. Board meetings shall be open to the public. The board shall adopt bylaws governing board meetings consistent with the provisions of the Open Meetings Act [N.M. Stat. Ann. Chapter 10, Article 15].
F. The foundation shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act [N.M. Stat. Ann. Chapter 53, Article 8], governing the conduct of the foundation in the performance of its duties under the Educational Assistance Act and the federal Higher Education Act of 1965, as amended.