Guam § 4112 - Board of Directors.

§ 4112. Board of Directors.

(a) The management of the Housing Corporation shall be

vested in a Board of Directors consisting of seven (7) members

including a chairman who shall be appointed by the Governor of

Guam, with the advice and consent of the Legislature.

(1) The Directors shall serve for a period of six (6)

years, except that

(A) any director appointed to fill a vacancy

occurring prior to the expiration of the term for which

his predecessor was appointed, shall be appointed for

the remainder of such term, and

(B) the terms of office of the directors first taking

office after June 30, 1963, shall expire, as designated

by the Governor at the time of appointment, one (1) the

end of two (2) years, one (1) at the end of four (4)

years, one (1) at the end of six (6) years, and one (1) at

the end of eight (8) years, after June 30, 1963.

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(2) Qualifications of Board members shall include

demonstrated ability, attachment to the public interest,

impartiality, and diversified experience among its members.

(3) The Board shall be responsible for overall policy-

making and general supervision.

(4) The Board shall meet at least quarterly.

(5) The Board of Directors shall act only by a majority

vote of those present at a meeting attended by a quorum,

and such quorum shall consist of four (4) Directors. Subject

to the foregoing limitation, vacancies in the membership of

the Board shall not affect its power to act.

(6) Directors shall not participate in any decision of

the Board which will directly involve or affect their

personal business affairs.

(7) The Directors receive no salary for their services

on the Board, but under regulations and in amounts

prescribed by the Board, with the approval of the Governor,

may be paid by the Housing Corporation reasonable per

diem fees, and allowances in lieu of subsistence expenses,

for attendance at meetings of the Board and for time spent

on official service of the Housing Corporation, and their

necessary travel expenses to and from meetings or when

upon such official service.

(b) The administrative functions shall be performed by a

full-time staff headed by a president appointed by the Board,

subject to approval of the Governor and the consent of the

Legislature.

(c) The president shall be responsible to the Board for the

execution of programs and policies adopted by the Board and for

the day-to-day operations of the Housing Corporation. Between

meetings of the Board, the president shall see that the Housing

Corporation faithfully executes the programs and policies

adopted by the Board.