Texas Government Code 2306.554 – Board of Directors and Officers
(a) The board of directors of the corporation consists of five members appointed by the governor. One member must represent the interests of individuals and families served by the corporation’s single-family mortgage loan programs, one member must represent nonprofit housing organizations, and the remaining three members must represent one or more of the following areas:
(1) state or federal savings banks or savings and loan associations;
(2) community banks with assets of $200 million or less;
(3) large metropolitan banks with assets of more than $1 billion;
(4) asset management companies;
(5) mortgage servicing companies;
(6) builders;
(7) real estate developers;
(8) real estate brokers;
(9) community or economic development organizations;
(10) private mortgage companies;
(11) nonprofit housing development companies;
(12) attorneys;
(13) investment bankers;
(14) underwriters;
(15) private mortgage insurance companies;
(16) appraisers;
(17) property management companies;
(18) financial advisors;
(19) nonprofit foundations;
(20) financial advisors; or
(21) any other area of expertise that the governor finds necessary for the successful operation of the corporation.
(b) The governor shall designate a member of the corporation’s board of directors as the presiding officer of the board of directors to serve in that capacity at the pleasure of the governor.
Terms Used In Texas Government Code 2306.554
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Property: means real and personal property. See Texas Government Code 311.005
(c) A member of the corporation’s board of directors is not entitled to compensation, but is entitled to reimbursement of travel expenses incurred by the member while conducting the business of the board to the same extent provided by the General Appropriations Act for a member of a state board.
(d) The corporation shall employ, for compensation to be determined by the corporation’s board of directors, a qualified individual to serve as president of the corporation.
(e) The corporation may purchase, with corporation funds, liability insurance for each of the members of the corporation’s board of directors, officers, and other employees of the corporation in an amount that the corporation’s board of directors considers reasonably necessary to:
(1) insure against foreseeable liabilities; and
(2) provide for all costs of defending against those liabilities, including, without limitation, court costs and attorney’s fees.
(f) Appointments to the board of directors of the corporation shall be made without regard to the race, color, disability, sex, religion, age, or national origin of the appointees.