Tenn. Comp. R. & Regs. 1700-05-04-.02 - BOARD OPERATIONS
(1) Meetings.
(a) How Called. The Board shall meet at the
call of the Chair or upon written request to the Chair 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 two (2) days prior to the
date of the meeting. Notice of the Board meetings shall be posted, and Board
meetings conducted electronically or by other means of communication shall be
conducted in accordance with T.C.A., Title 8, Chapter 44, Part 1 and other
applicable laws and rules.
(b)
Quorum. Five (5) members of the Board 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; provided five (5) Board members are present at the
meeting.
(c) Designees. Each member
of the Board may designate a member of his or her staff to attend meetings of
the Board and to exercise the member's right to vote in the member's absence.
The designations must be made in writing to the Chair of the Board. A member
participating in a meeting through a designee shall be deemed present at the
meeting for purposes of quorum and voting requirements.
(2) Board Officers.
(a) Chair. The State Treasurer shall serve as
Chair of the Board. The Chair shall preside at meetings of the Board and,
together with the Board Secretary, set the agenda for each meeting. If the
Chair is unable to attend a meeting of the Board, the Chair's designee shall
preside at the meeting. The Chair shall have other duties and powers as may be
assigned by the Board by majority vote.
(b) Secretary. The Director of the College
Savings Trust Fund Program shall be the Board Secretary. The Secretary shall
keep an accurate record of the proceedings and actions of the Board. Together
with the Chair, the Secretary shall set the agenda for each meeting, notify the
Board members and the public of meetings and distribute appropriate materials
to the Board members.
(3)
Delegation to State Treasurer. The Board hereby delegates to the State
Treasurer the duty to carry out the day-to-day operations and responsibilities
of the Educational Investment Plan, including, but not limited to, the duty to
prescribe and approve the terms and conditions of any payroll deduction
agreement authorized pursuant to T.C.A. §
49-7-805. In exercising such
delegation, 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 such duties and responsibilities to his
staff as he deems necessary and proper. The State Treasurer may also contract
for the provision of all or any part of the services necessary for the
management and operation of the Plan, provided the State Treasurer or his staff
is actively involved on an ongoing basis in the administration of the
Plan.
Notes
Authority: T.C.A. §§ 49-7-804, 49-7-805, and 49-7-805(16).
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