Mississippi Code 1972 (2023) › Title 37 - EDUCATION (§§ 37-NEW-001 — 37-NEW01-004) › Chapter 155 - COLLEGE SAVINGS PLANS OF MISSISSIPPI (§§ 37-155-1 — 37-155-125) › Article 1 - MISSISSIPPI PREPAID AFFORDABLE COLLEGE TUITION (MPACT) › Section 37-155-7 - Board of directors

(1)
The board of directors shall consist of thirteen (13) members as follows:
(a)
Nine (9) voting members as follows: the State Treasurer; the Commissioner of Higher Education, or his designee; the Executive Director of the Community and Junior College Board, or his designee; the Department of Finance and Administration Executive Director, or his designee; and one (1) member from each Mississippi Supreme Court District and two (2) from the state at large to be appointed by the Governor with the advice and consent of the Senate. The MPACT Board of Directors, created by former Section
37-155-7
, is continued and reconstituted as follows: Effective January 1, 2028, the appointed MPACT Board members shall be appointed by the Governor, with the advice and consent of the Senate, for a term of office of four (4) years, provided that three (3) such members shall be appointed in 2028 to a term ending December 31, 2031, and two (2) such members shall be appointed in 2030 to a term ending December 31, 2033. Appointments made at the beginning of the four-year cycle shall be made to fill any member's term which actually expires that year and any member's term which expires next until the majority of the membership of the board or commission is reached. Appointments made at the beginning of the third year of the four-year cycle shall be made for the remainder of the membership positions irrespective of the time of their prior appointment. Any question regarding the order of appointments shall be determined by the Secretary of State in accordance with the specific statute. All appointment procedures, vacancy provisions, interim appointment provisions and removal provisions specifically provided for in Section
7-1-35
, Mississippi Code of 1972, shall be fully applicable to appointments to the MPACT Board of Directors. Ex officio members of the board may be represented at official meetings by their deputy, or other designee, and such designees shall have full voting privileges and shall be included in the determination of a quorum for conducting board business.
(b)
Two (2) nonvoting, advisory members of the board shall be appointed by each of the following officers: the Lieutenant Governor and the Speaker of the House of Representatives.
(2)
Each member appointed shall possess knowledge, skill and experience in business or financial matters commensurate with the duties and responsibilities of the trust fund.
(3)
Members of the board of directors shall serve without compensation, but shall be reimbursed for each day's official duties of the board at the same per diem as established by Section
25-3-69
and actual travel and lodging expenses as established by Section
25-3-41
.
(4)
The board of directors shall annually elect one (1) member to serve as chairman of the board and one (1) member to serve as vice chairman. The vice chairman shall act as chairman in the absence of or upon the disability of the chairman or in the event of a vacancy of the office of chairman.
(5)
A majority of the currently serving members of the board shall constitute a quorum for the purposes of conducting business and exercising its official powers and duties. Any action taken by the board shall be upon the vote of a majority of the members present.
Laws, 1996, ch. 427, § 4; Laws, 1999, ch. 378, § 2; Laws, 2003, ch. 311, § 2, eff. 7/1/2003.
Amended by Laws, 2024, ch. 497, SB 2799,§ 4, eff. 7/1/2024.