353B.005 - Board of Trustees: Creation; membership; terms; Chair; compensation.
353B.005 Board of Trustees: Creation; membership; terms; Chair; compensation.
1. There is hereby created a Board of Trustees of the College Savings Plans of Nevada.
2. The Board consists of five members composed of:
(a) The State Treasurer, who may name a designee to serve on the Board on his or her behalf.
(b) The Director of the Department of Administration, who may name a designee to serve on the Board on his or her behalf.
(c) The Chancellor of the System, who may name a designee to serve on the Board on his or her behalf.
(d) Two members appointed by the Governor. A member who is appointed by the Governor must possess knowledge, skill and experience in the field of:
(1) Accounting;
(2) Finance;
(3) Investment management; or
(4) Marketing.
3. A member of the Board who is appointed by the Governor:
(a) Serves for a term of 4 years;
(b) Except as otherwise provided in paragraph (c), may be reappointed by the Governor; and
(c) Except as otherwise provided in this paragraph, may serve for only two terms. A member who is appointed to fill a vacancy in an unexpired term that is not longer than 3 years may serve two terms in addition to the unexpired term.
4. The State Treasurer or his or her designee shall serve as the Chair of the Board.
5. Each member of the Board serves without compensation, except that each member is entitled to receive:
(a) The per diem allowance and travel expenses provided for state officers and employees generally; and
(b) Reimbursement for any other actual and reasonable expense incurred while performing his or her duties.
6. As used in this section, the term “College Savings Plans of Nevada” includes the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370, inclusive.
(Added to NRS by 2001, 2159)