204-C:3 Housing Finance Board. –
The powers of the authority shall be vested in 9 members, comprised of men and women, to be appointed by the governor with the advice and consent of the council. One member of the board shall be a person having experience in the construction of single-family real estate; one member shall be a person having experience with the business of selling or renting real estate; one member shall be a person having experience in residential mortgage banking; and at least 2 members shall be persons representing the general public who are neither bankers, builders, nor in the business of selling or renting real estate. No more than 5 members shall be of the same political party. The governor shall appoint annually a chairman and the members shall elect annually from among their number a vice-chairman and such officers as they may determine. Terms of board members shall be 5 years, except that all vacancies shall be filled for the unexpired term. In 1986, members shall be appointed to the following terms: one member to a one-year term, 2 members to a 2-year term, 2 members to a 3-year term, 2 members to a 4-year term, and 2 members for a 5-year term. No member may serve more than 2 full consecutive terms. No member of the board shall serve on any other state board, commission, or in any other state agency during his term of office as a member of the housing finance board. A member shall hold office until his successor has been appointed and qualified. Members shall receive no salary for the performance of their duties under this chapter, but each member shall be reimbursed for reasonable expenses incurred in carrying out his duties under this chapter.
Source. 1981, 466:2. 1985, 230:1, eff. July 30, 1985.