Board - 64 Pa. Cons. Stat. § 1512

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     § 1512.  Board.
        (a)  Composition.--The board shall be composed of the
     following members:
            (1)  The Secretary of Community and Economic Development
        or a designee.
            (2)  The Secretary of the Budget or a designee.
            (3)  The Secretary of Banking or a designee.
            (4)  Four legislative appointees.
                (i)  Appointments are as follows:
                    (A)  One individual appointed by the President
                pro tempore of the Senate.
                    (B)  One individual appointed by the Minority
                Leader of the Senate.
                    (C)  One individual appointed by the Speaker of
                the House of Representatives.
                    (D)  One individual appointed by the Minority
                Leader of the House of Representatives.
                (ii)  Legislative appointees shall serve at the
            pleasure of the appointing authority.
                (iii)  An individual appointed to the board pursuant
            to subparagraph (i) may not be a member of the General
            Assembly or staff of a member of the General Assembly.
        (b)  Organization.--The Governor shall select a member of the
     board to serve as chairperson. The members shall select from
     among themselves such officers as they shall determine.
        (c)  Meetings.--The board shall meet at the call of the
     chairperson.
        (d)  Quorum.--Five members of the board shall constitute a
     quorum, and the following shall apply:
            (1)  The consent of at least five members of the board,
        with at least four of the consenting members being appointed
        under subsection (a)(4), shall be necessary to take action on
        behalf of the authority for any of the following:
                (i)  Adopting bylaws.
                (ii)  Hiring professionals under section 1513(a)(5)
            and (6) (relating to powers).
                (iii)  Authorizing bonds.
                (iv)  Approving projects and contracts under
            Subchapter E (relating to programs).
                (v)  Adopting guidelines relating to the
            implementation of Subchapter E.
            (2)  A majority of the board shall be necessary to take
        any other action on behalf of the authority.
        (e)  Compensation.--The members of the board shall be
     entitled to no compensation for their services as members of the
     board but shall be entitled to reimbursement for all necessary
     and reasonable expenses incurred in connection with the
     performance of their duties as members of the board.
        (f)  Fiduciary relationship.--The members of the board and
     the professional personnel of the board shall stand in a
     fiduciary relationship with the Commonwealth and the authority
     as to the moneys in the accounts of the authority and
     investments of the authority.
        (g)  Standard of care.--The members of the board in
     performance of their duties under this chapter shall exercise
     the standard of care required by 20 Pa.C.S. Ch. 73 (relating to
     municipalities investments).
        (h)  Liability.--Members of the board shall not be liable
     personally on any obligations of the authority, including bonds
     of the authority.
        (i)  Initial appointment and vacancy.--Appointing authorities
     shall appoint initial members to the board within 30 days of the
     effective date of this chapter. Whenever a vacancy occurs on the
     board, the appointing authority shall appoint a successor member
     within 30 days of the vacancy.

        Nonseverability.  Section 6(2) of Act 22 of 2004 provided
     that if section 1511 or 1512 or the application to any person or
     circumstance is held invalid, the remaining provisions or
     applications of Act 22 are void.
        Cross References.  Section 1512 is referred to in sections
     1504, 1511 of this title.

Last modified: November 27, 2007