(a) The board shall elect a chair, secretary, and treasurer from among its membership at each annual meeting. A majority of the members constitutes a quorum for organizing the board, conducting its business, and exercising the powers of the corporation. The board shall meet at the call of the chair. The board shall meet at least once every three months.
(b) The board may meet and transact business by electronic media if
(1) public notice of the time and locations where the meeting will be held by electronic media has been given in the same manner as if the meeting were held in a single location;
(2) participants and members of the public in attendance can hear and have the same right to participate in the meeting as if the meeting were conducted in person; and
(3) copies of pertinent reference materials, statutes, regulations, and audio-visual materials are reasonably available to participants and to the public.
(c) A meeting by electronic media as provided in this section has the same legal effect as a meeting in person.
(d) For the purposes of this chapter, public notice of 24 hours or more is adequate notice of a meeting of the board at which the issuance of corporation bonds is authorized.
(e) An affirmative vote of at least four members of the board is required to approve
(1) the sale and issuance of bonds;
(2) the sale or other disposition of a substantial asset or substantial amount of the assets of the corporation; the corporation shall adopt a regulation that defines a substantial asset and a substantial amount of assets for the purposes of this paragraph;
(3) the ownership structure for a pipeline project of which the corporation is a participant;
(4) an action committing the corporation to an additional natural gas pipeline project; and
(5) action on other matters identified in a regulation adopted by the corporation as being subject to this subsection.
Section: Previous 31.25.005 31.25.007 31.25.010 31.25.020 31.25.030 31.25.035 31.25.040 31.25.045 31.25.050 31.25.060 31.25.065 31.25.080 31.25.090 31.25.100 31.25.110 NextLast modified: November 15, 2016