Board Membership and Operations

Board Membership and Operations. A. Initial Board Membership 1. Banking Industry Representatives. Appointment of members in accordance with Section 27-105-6 shall be effective at the time such member is notified by the State Treasurer of such appointment. The Mississippi Bankers Association shall designate the initial terms of the representatives of financial institutions as one (1) year or two (2) year terms. The initial representatives of financial institutions shall serve the term designated by the Mississippi Bankers Association. All subsequent representatives of financial institutions shall serve two (2) year terms unless completing the unexpired term of a member due to a vacancy. All members shall continue to serve until a successor is appointed. B. Meetings 1. How called. The Board shall meet at the call of the Chairman or upon written request to the Chairman by four (4) members of the Board. Unless circumstances prevent, the Secretary shall notify members of the date, time and location of each meeting at least five (5) calendar days prior to the date of the meeting. Notice of the Board meetings shall be by post, telephone or electronic mail. 2. Quorum. A quorum of the Board shall consist of five (5) members of the Board. Notwithstanding the presence of a quorum, where these rules require certain actions to be taken by a specified number of votes, the action may not be taken unless the requisite number of votes is cast. 3. Presiding Officer. The Chairman shall preside at all meetings of the Board. In the Chairman’s absence, the Vice-Chairman shall preside. 4. Executive Session. In the event that information deemed confidential pursuant to Mississippi Code Ann. Section 25-41-7 (4), is to be discussed by the Board, the Board shall meet in executive session pursuant to Mississippi Code Section 25- 41-7. The presiding officer shall announce to those in attendance that the Board, due to the confidential nature of material to be discussed, will meet in executive session which is closed to the public. The presiding officer shall set and announce a time specific at which point the meeting will again be opened for public attendance. The Board shall not take any official action during executive session. Minutes of executive session shall be maintained in such a manner as to not disclose the nature of confidential information discussed. C. Records. 1. Where Maintained. All records of the Board shall be maintained by the State Treasurer in accordance with the requirements of applicable state law and rules and regulations to the receipt and maintenance of public records. 2. Confidential Records. Records submitted from any source which are confidential in nature as provided in Mississippi Code Ann. Section 25-41-7 shall be maintained by the State Treasurer in such as a manner as to protect the confidentiality of those records and to prevent the unauthorized dissemination of such information. 3. Access to Records. Persons requesting access to the records of the Board shall submit their request to the State Treasurer who, upon determining that such records are not confidential in nature, shall permit the inspection of such records in accordance with applicable laws, rules and regulations. D. General Delegation to the Treasurer. The Board, upon the affirmative vote of six (6) members, may delegate such of its duties to the State Treasurer as the Board deems appropriate. In exercising such delegations, the State Treasurer shall be authorized to exercise such powers as are vested in the Board which are necessary to fulfill the delegated duties and responsibilities and may assign any of such duties and responsibilities to his staff as he deems necessary and proper. E. Votes Required for Board Action. 1. Admission. Pursuant to Mississippi Code Ann. Section 27-105-6, any bank shall be admitted for participation in the public funds guaranty pool if it meets the statutory requirements and the additional criteria adopted by the Board. 2. Increase Collateral Pledge Level. The collateral pledge level of a qualified public funds depository may be increased upon six (6) affirmative votes of the Board. 3. Bank Rating Criteria and Benchmark Levels. The Board, upon the affirmative vote of six (6) members, shall set the initial bank rating criteria and benchmark levels as provided in Section 27-105-6 (6). Any subsequent revision to the bank rating criteria or benchmark levels may be accomplished by the affirmative vote of the six (6) members of the Board. 4. Majority Vote for Other Action. Any action of the Board, other than that requiring a specific affirmative vote, may be accomplished by a majority vote. For purposes of this rule, a majority shall mean the affirmative vote of five (5) members of the Board. F. Board Officers. 1. Selection. Officers shall be elected by majority vote of the Board. The election of officers shall occur at the first Board meeting held after June 30 of each year. 2. Term. Officers shall serve a one (1) year term to expire upon election of a successor by the Board. 3. Chairman. The Chairman shall preside at meetings of the Board and, together with the Board Secretary, set the agenda for each meeting. The Chairman shall have other duties and powers as may be assigned by the Board by majority vote. 4. Vice-Chairman. The Vice-Chairman shall preside at meetings in the absence of the Chairman. The Vice-Chairman shall exercise such other duties as may be assigned by majority vote of the Board. 5. Secretary. The Secretary shall keep an accurate record of the proceedings and actions of the Board. Together with the Chairman, the Secretary shall set the agenda for each meeting, notify Board members and the public of meetings and distribute appropriate materials to Board members. The Secretary shall also maintain information on the appointment of members to the Board and their term of office. G. Miscellaneous 1. Attachment to Treasury Department. The Board, for administrative purposes, is attached to the Mississippi Treasury Department. 2. Vacancies. Should any appointed member of the Board become unable to continue to serve on the Board for whatever reason, the member or his representative shall notify the Board of such inability to serve by submitting a letter of resignation to the Secretary. The Secretary shall notify the appropriate appointing authority of the resignation and request that another representative be appointed to serve the remainder of the member’s term.