§ 4572

Membership; vacancies The Bank established by section 4571 of this title shall consist of the following five directors: the State Treasurer, or his or her designee, who shall be a director ex officio, and four directors appointed by the Governor with the advice and consent of the Senate for terms of two years. The four directors appointed by the Governor must be residents of the State and must be qualified voters therein for at least one year next preceding the time of appointment. The Governor shall first appoint two directors to serve until February 1, 1971 and two directors to serve until February 1, 1972. Each director shall hold office for the term of his or her appointment and until his or her successor shall have been appointed and qualified. A director shall be eligible for reappointment. Any vacancy in a directorship occurring other than by expiration of term shall be filled in the same manner as the original appointment, except that the advice and consent of the Senate shall not be required if it is not in session, but for the unexpired term only. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; 2011, No. 40, § 52, eff. May 20, 2011.)