§ 5257 - Officers; quorum
§ 5257. Officers; quorum
The chair of the Vermont municipal bond bank shall be the chair of the authority. The directors shall elect a secretary and a treasurer who need not be directors, and the same person may be elected to serve both as secretary and treasurer. The powers of the authority are vested in the directors thereof and three directors of the authority shall constitute a quorum. Action may be taken and motions and resolutions adopted by the authority at any meeting thereof by the affirmative vote of at least three directors of the authority. A vacancy in the directorship of the authority shall not impair the right of a quorum to exercise all the powers and perform all the duties of the authority. (Added 1999, No. 121 (Adj. Sess.), § 1.)