Section 41-10-355 Members of Authority; Officers; Payment of Bonds of Authority; Quorum; Vacancies; Compensation; Record of Proceedings and Use Thereof as Evidence; Meetings.

The authority’s members and officers are set, the board needs three directors for a quorum, the State Treasurer must handle bond payments, and directors’ proceedings must be written, signed, and recorded. Board members and officers cannot receive extra salary, and the board may choose meeting times and notice.

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Jurisdiction: United States — Alabama
Instrument: Act or statute
Version: Undated source snapshot
Language: en
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board composition compensation evidence meetings officers quorum recordkeeping

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Provisions of Section 41-10-355 Members of Authority; Officers; Payment of Bonds of Authority; Quorum; Vacancies; Compensation; Record of Proceedings and Use Thereof as Evidence; Meetings.

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Section 41-10-355 Members of Authority; Officers; Payment of Bonds of Authority; Quorum; Vacancies; Compensation; Record of Proceedings and Use Thereof as Evidence; Meetings.
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AI-assisted research summary: The authority’s members and officers are set, the board needs three directors for a quorum, the State Treasurer must handle bond payments, and directors’ proceedings must be written, signed, and recorded. Board members and officers cannot receive extra salary, and the board may choose meeting times and notice.

The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, the commissioner shall be the vice-president thereof, and the Director of Finance shall be the secretary thereof. The State Treasurer shall be treasurer of the authority, shall act as custodian of the funds of the authority, and shall pay the principal of and interest on the bonds of the authority out of the funds hereinafter provided for; provided, that the State Treasurer may designate one or more banks either within or without the state as the paying agent with respect to any series of bonds issued under this article. The members of the authority shall constitute all the members of the board of directors of the authority, and the presence of any three members of the directors shall constitute a quorum for the transaction of business. Should any person holding any office named in this section cease to hold office by reason of death, resignation, expiration of his or her term of office, or for any other reason, then his or her successor in office shall take his or her place as a member and officer of the authority. No member, officer, or director of the authority shall draw any salary in addition to that now authorized by law for any service he or she may render or for any duty he or she may perform in connection with the authority. All proceedings had and done by the directors shall be reduced to writing by the secretary of the authority, shall be signed by each of the directors, and shall then be recorded in a substantially bound book, which shall be kept in the office of the Director of Finance. Copies of such proceedings, when certified by the secretary of the authority, under the seal of the authority, shall be received in all courts as prima facie evidence of the matters and things therein certified. The board of directors of the authority shall meet at such times and upon such notice as it shall determine.

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Section 41-10-355 Members of Authority; Officers; Payment of Bonds of Authority; Quorum; Vacancies; Compensation; Record of Proceedings and Use Thereof as Evidence; Meetings.

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Provisions of Section 41-10-355 Members of Authority; Officers; Payment of Bonds of Authority; Quorum; Vacancies; Compensation; Record of Proceedings and Use Thereof as Evidence; Meetings.

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