Guam § 13105 - Composition of Foundation Board of Directors.

§ 13105. Composition of Foundation Board of Directors.

The public corporation, as initially established by the Superintendent

of Education, shall be comprised of a nine (9) member board of directors.

The Superintendent shall appoint the charter directors of said corporation

and each charter director will serve an initial term of one (1) year. The

Superintendent of Education shall serve as temporary chairperson, and shall

convene the first meeting of the Foundation. At its first meeting the

Foundation shall elect from among its members its officers in accordance

with its established by-laws. At least two (2) of its members shall be

alumni of the Department of Education, formerly the Guam Department of

Education. For the purposes of this provision, an alumnus is defined as any

one (1) person having attended the Department of Education for one (1)

complete school year. At least one (1) member shall have accounting

experience or a professional background in accounting. At least one (1)

COL 110609

member shall have experience or professional background in marketing or

advertising. At least one (1) member shall have legal experience or

professional background in the law. At least one (1) member shall have

experience or professional background as a fund manager. The remaining

members of the Foundation shall be of diverse backgrounds from the

community, who have resided on Guam for at least three (3) years. Upon

establishment of the public corporation, said corporation shall establish in

its articles of incorporation and by-laws the manner of appointment and

length of service for Board Members and all other rules and regulations

relative to operations, investments and programs through which all private

gifts, donations, endowments, services in-kind, grants and other money

shall be granted back to the Department of Education. The established

bylaws shall reflect the qualifications and the makeup of the Board of

Directors as enumerated in this Section. In the event of a vacancy on the

charter board of directors, the Superintendent of Education, or the

Chairperson of the Guam Education Policy Board should the

Superintendent of Education be incapacitated, shall appoint a replacement

for the unexpired term. The initial meeting of the public corporation shall

be convened by the Superintendent of the Department of Education.