W. Va. Code R. § 112-15-4

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 112-15-4 - Trustees

4.1. Eleven persons, who must all be state residents, constitute the Board: the State Treasurer, or his or her designee, who is chairperson and presiding officer of the Board; the State Superintendent of Schools, or his or her designee; one representative appointed by the Higher Education Policy Commission, who may or may not be a member of the Higher Education Policy Commission;, one representative of the Council for Community and Technical College Education, who may or may not be a member of the Council for Community and Technical College Education; and seven other state residents appointed by the Governor with the advice and consent of the West Virginia Senate. Of the seven persons appointed, three_persons shall be private citizens not employed by, or an officer of, the state or any state political subdivision with knowledge, skill, and experience in a financial field, with reasonable efforts to appoint one such citizen who holds a designation of Chartered Financial Analyst, offered by the CFA Institute; two persons with knowledge, skill, and experience in trade occupations or businesses with one person representing a labor organization representing tradespersons in this state and one person representing a business or entity offering trade or skilled labor apprenticeships in this state; and two persons shall represent the interests of private institutions of higher education in West Virginia appointed from one or more nominees of the West Virginia Independent Colleges and Universities.

4.2. The Board shall have such powers and duties as provided for by law, including, without limitation, the Acts.

4.3. The term of an appointed Trustee shall be for five years, or until his or her death, disability, resignation, removal or the appointment of a successor. A Trustee may be reappointed. A Trustee appointed by the Governor to fill a vacancy shall be a person representing the same interests and shall serve for the balance of the unexpired term.

4.4. Resignations and Vacancies

4.4.1. Resignations from the Board shall be in writing, sent to the Governor, with a copy sent to the Chairman. Neither the Governor nor the Board is required to accept or to act on a resignation for it to be effective.

4.4.2. Appointments to fill vacancies existing on the Board, including without limitation a vacancy resulting from the death, disability, resignation or removal of a Trustee, shall be for the unexpired term.

4.5. Compensation - Each Trustee may be paid his expenses in the conduct of his or her official duties from the College and Jumpstart Savings Administrative Account at the same rate as paid employees of the State Treasurer's Office.

W. Va. Code R. § 112-15-4