Section 35-12-7 - Directors and officers(a) The powers of the corporation shall be vested in a board of directors consisting of the following seven (7) members: (1) Chairperson of the board of governors for higher education;(2) Commissioner of higher education;(3) State budget officer;(4) President of the university;(5) Vice president for business and finance of the university;(6) Controller of the university; and(7) Vice president for academic affairs of the university.(b) The directors shall receive no compensation for the performance of their duties.(c) The board of directors shall elect one of its members to serve as chairperson. Four (4) directors shall constitute a quorum and any action to be taken by the corporation under the provisions of this chapter may be authorized by resolution approved by at least four (4) of the directors present and voting at any regular or special meeting at which a quorum is present.(d) In addition to electing a chairperson, the board of directors shall appoint a secretary and such additional officers as they shall deem appropriate.(e) Any action taken by the corporation under the provisions of this chapter may be authorized by vote at any regular or special meeting, and the vote shall take effect immediately.(f) Any action required by this chapter to be taken at a meeting of the board of directors, or any action which may be taken at a meeting of the board of directors, or committee thereof, may be taken without a meeting if a consent in writing, setting forth the action so to be taken, shall be signed before or after that action by all of the directors, or all of the members of the committee, as the case may be.