President; powers and duties.

A. The board shall select a president of the corporation from among its members. The corporation is under the administrative control of the president or a person selected by the board to administer the operations of the corporation. The board shall periodically review and appraise the investment strategy being followed, and the president shall report at least once a month to the board on investment results and related matters. The president shall: (1) act for the corporation in collecting and disbursing money necessary to administer the corporation and conduct its business; (2) sign contracts and incur obligations on behalf of the corporation; (3) perform all acts necessary to exercise power, authority or jurisdiction over the corporation to discharge its functions and fulfill its responsibilities; and (4) make investments pursuant to the Small Business Investment Act and upon approval of the board. B. The president shall submit an annual report, independently audited in accordance with generally accepted procedures governing annual reports, by October 1 of each year to the governor, the legislative finance committee and any other appropriate legislative committee indicating the business done by the corporation during the previously completed fiscal year and containing a statement of the resources and liabilities of the corporation. The report shall include: (1) the average rate of return enjoyed by the corporation on invested assets; (2) recommendations concerning desired changes in the corporation to promote its prompt and efficient administration of policies and claims; (3) recommendations to the legislature and the governor regarding the continued operation of the corporation; and (4) any other information the president deems appropriate.