Illinois Compiled Statutes 40 ILCS 5/22C-117 – Meetings of the board
Current as of: 2024 | Check for updates
|
Other versions
(a) The transition board and the permanent board shall each meet at least quarterly and otherwise upon written request of either the Chairperson or 3 other members. The Chairperson shall preside over meetings of the board. The executive director and personnel of the board shall prepare agendas and materials and required postings for meetings of the board.
(b) Six members of the board shall constitute a quorum.
(c) All actions taken by the transition board and the permanent board shall require a vote of least 5 trustees, except that the following shall require a vote of at least 6 trustees: the adoption of actuarial assumptions; the selection of the chief investment officer, fiduciary counsel, or a consultant as defined under Section 1-101.5 of this Code; the adoption of rules for the conduct of election of trustees; and the adoption of asset allocation policies and investment policies.
(b) Six members of the board shall constitute a quorum.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/22C-117
- Fiduciary: A trustee, executor, or administrator.
- Quorum: The number of legislators that must be present to do business.
(c) All actions taken by the transition board and the permanent board shall require a vote of least 5 trustees, except that the following shall require a vote of at least 6 trustees: the adoption of actuarial assumptions; the selection of the chief investment officer, fiduciary counsel, or a consultant as defined under Section 1-101.5 of this Code; the adoption of rules for the conduct of election of trustees; and the adoption of asset allocation policies and investment policies.