(a) The board of regents, the board of trustees of the University of Tennessee, and state university boards are authorized and empowered to take such steps, to enter into such agreements, and to do whatever they deem necessary to the establishment of foundations for the state institutions of higher education under their control.
(b) All annual reports and all books of accounts and financial records of a foundation created for the benefit of a public institution of higher education shall be subject to audit by the comptroller of the treasury.
(c) Any foundation created pursuant to this section shall establish and adopt a code of ethics that shall apply to and govern the conduct of all members of the foundation board.
(d)
(1) Notwithstanding any other law to the contrary, by a two-thirds (⅔) vote of its membership, the foundation board may remove any appointed member of the foundation board for a material violation of the code of ethics.
(2) A foundation board vote to remove a member shall only be taken after the accused member has been afforded an opportunity to address the board in connection with the alleged violation.
(3) If a member is removed in accordance with this subsection (d), the position shall be considered vacant and the vacancy shall be filled as provided by the foundation's bylaws.
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