(a) The Savings Board shall consist of 11 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 Community College System, 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.
(10) One person appointed by the State Treasurer who has experience in health and disability related matters.
(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 Savings Board shall be appointed in a like manner and shall serve for only the unexpired term. Ex officio members of the board shall serve terms coincident with their terms of office.
(c) Each person so appointed shall possess knowledge, skill, and experience in business or financial matters commensurate with the duties and responsibilities of the ABLE Program and ACES Program.
(d) Members of the Savings Board shall serve without compensation, but may be reimbursed for each day's official duties of the 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 Savings Board, and the State Treasurer may appoint such other officers as the board may deem advisable or necessary. A majority of the members of the Savings Board shall constitute a quorum for the transaction of the business of the program.
(f) Members of the Savings Board or any committee established by the Savings Board may participate in a meeting of the board or committee by means of telephone conference, video conference, or similar communications equipment by means of which all persons participating in the meeting may hear each other at the same time. Participation by such means shall constitute presence in person at a meeting for all purposes, including the establishment of a quorum. Notice of such meetings must be given in accordance with the Alabama Open Meetings Act and such telephone or video conference or similar communications equipment shall also allow members of the public the opportunity to simultaneously listen to or observe such meetings.
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