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 [Chapter 10, Article 15 NMSA 1978].

F. The foundation shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978], 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.

History: Laws 1981, ch. 319, § 6; 1989, ch. 19, § 4; 1995, ch. 201, § 1; 2011, ch. 168, § 3.

Cross references. — For the federal Higher Education Act of 1965, see 20 U.S.C. § 1001 et seq.

The 2011 amendment, effective June 17, 2011, directed the board of directors sitting prior to June 17, 2011 to appoint the next successor board for staggered terms of four years; restructured the membership of the board of directors by reducing the number of members representing post-secondary education from seven to two members, by eliminating the requirement that members representing post-secondary education be regents and administrators, and by permitting the board to provide for other board members in the foundation's bylaws; and eliminated references to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978.

The 1995 amendment, effective June 16, 1995, in Subsection A, substituted "eleven" for "ten", made minor stylistic changes in Paragraphs (2) and (3) and added Paragraph (4), and in Subsection B, inserted "and governing board member" and "or governing board member" in the first sentence and inserted "or by the two-year college representative body making the original appointment" in the second sentence.