(a) There is created a board of trustees of the program composed of the following nine (9) members:

(1) The state treasurer;

(2) The comptroller of the treasury;

(3) The commissioner of finance and administration;

(4) The secretary of state;

(5) The chancellor of the state board of regents;

(6) The president of the University of Tennessee system;

(7) The executive director of the Tennessee higher education commission;

(8) The president of the Tennessee Independent Colleges and Universities Association; and

(9)

(A) The president of one (1) of the following state universities:

(i) Austin Peay State University;

(ii) East Tennessee State University;

(iii) Middle Tennessee State University;

(iv) Tennessee State University;

(v) Tennessee Technological University; or

(vi) The University of Memphis.

(B) Each state university president listed in subdivisions (a)(9)(A)(i)-(vi) must serve a three-year term, in alphabetical order by state university, starting with the president of Austin Peay State University with a term beginning on July 1, 2017, and ending on June 30, 2020.

(b) The trustees shall each serve in an ex officio capacity, and the state treasurer shall serve as chair of the board. Each trustee may designate members of their respective staffs to attend the board of trustee meetings and to exercise the trustee's right to vote in the trustee's absence. The designations must be made in writing to the board chair.

(c) Members of the board shall serve without compensation but shall receive reasonable reimbursement for actual and necessary travel expenses in accordance with the travel regulations promulgated by the department of finance and administration and approved by the attorney general and reporter.

(d) A majority of the members of the board serving shall constitute a quorum for the transaction of business at a meeting of the board. Voting upon action taken by the board shall be conducted by a majority vote of the members present at the meeting of the board. The board shall meet at the call of the chair and as may be otherwise provided in any rules or regulations promulgated by the board pursuant to § 49-7-805(16). Meetings of the board may be held anywhere within the state.

(e) The business of the board shall be conducted at meetings of the board held in compliance with title 8, chapter 44. Except as provided in § 49-7-825, all records of the board shall be made available to the public in compliance with title 10, chapter 7.

(f) The board is attached to the department of the treasury, as a division of the department of the treasury, for all administrative purposes.

(g) The board may delegate to the state treasurer the duty to carry out the day-to-day operations and responsibilities of the program. In exercising the delegation, the state treasurer shall be authorized to exercise such powers as are vested in the board that are necessary to fulfill the delegated duties and responsibilities; may assign any duties and responsibilities to the state treasurer's staff or private vendors and contractors, as the state treasurer deems necessary and proper; and may consult with professionals as necessary about the administration of the program. The state treasurer may also establish policies, guidelines and operating procedures in exercising the state treasurer's delegation from the board.