New Hampshire Revised Statutes 162-S:3 – Establishment of the Authority; Membership; Meetings; Reporting
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I. The national finance authority is hereby established within and as a component unit of the business finance authority for the purpose of exercising the powers, duties, and responsibilities conferred by this chapter. While acting pursuant to this chapter, the business finance authority shall operate under the name “national finance authority.” Subject to the provisions of this chapter, the authority shall be governed by the designated members as provided in paragraph II. The authority shall not be separate from the business finance authority but through its executive board shall exercise all powers and take all actions pursuant to this chapter on behalf of the business finance authority.
II. All of the powers of the authority are vested in the executive board of the authority, comprising 5 members, one of whom shall be the executive director of the business finance authority serving ex officio and 4 of whom shall be current members of the board of directors of the business finance authority who have been appointed by the chairman of the business finance authority. Of the 4 initial appointed members of the executive board of the authority, one shall be appointed for a term ending on November 3, 2019, one shall be appointed for a term ending on November 3, 2020, one shall be appointed for a term ending on November 3, 2021, and one shall be appointed for a term ending on November 3, 2022. Successors to those initial executive board members whose terms expire each year shall be appointed by the chairman of the business finance authority, each of whom shall be a current member of the board of directors of the business finance authority and each of whom shall be appointed for a term of 3 years. An appointed member may continue to serve until a successor is appointed and so long as such appointed member is a member of the board of directors of the business finance authority. The term of an appointed member of the executive board shall terminate at the time such appointed member ceases to be a member of the board of directors of the business finance authority. If a vacancy occurs in the membership of the appointed members of the executive board, the chairman of the business finance authority shall appoint a successor to complete the remainder of the unexpired term of the appointed member leaving such vacancy. Any appointed member of the executive board shall be eligible for re-appointment. Members of the executive board shall not receive compensation for serving in such capacity, but shall be entitled to reimbursement for any expenses actually incurred in connection with such service, if the executive board shall determine that such expenses shall be reimbursed and there are unencumbered funds of the authority available for such purpose.
III. The members of the executive board shall elect one of its members as chairperson of the executive board and another as vice chairperson of the executive board, and shall also elect a secretary of the executive board, who need not be a member of the executive board. Notwithstanding any provision of N.H. Rev. Stat. Chapter 162-A or N.H. Rev. Stat. Chapter 162-I to the contrary, 3 members of the executive board shall constitute a quorum for any meeting of the authority under this chapter, and the vote of a majority of the members of the executive board constituting a quorum present and voting shall be a prerequisite to any action taken by the authority. A vacancy in the membership of the executive board shall not impair the right of a quorum to exercise all the powers and perform the duties of the authority under this chapter. Notwithstanding N.H. Rev. Stat. Chapter 91-A or any other law to the contrary, members of the executive board shall be permitted to participate in meetings of the authority by telephone or video conference, provided that any member so participating shall be able to be heard by and to hear every other member of the executive board participating in the meeting and, unless the authority meeting is a nonpublic session being conducted pursuant to N.H. Rev. Stat. § 91-A:3, shall be able to hear and be heard by all members of the public attending the meeting, and provided further that the meeting is held at a physical location available to the public and identified in the notice of the meeting. Voting members participating by telephone or video conference shall be treated as present at the meeting for all purposes, including the establishment of quorum.
IV. Any action taken by the authority under this chapter may be authorized by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or posted.
V. The business finance authority, acting pursuant to its general powers set forth in N.H. Rev. Stat. Chapter 162-A and RSA 162-I, shall have the power to establish rules, requirements, and procedures with respect to the operations and activities of the authority pursuant to this chapter. Such rules shall be subject to the requirements of N.H. Rev. Stat. § 162-A:28.
VI. Upon dissolution of the authority, subject to the adequate provision for the payment of its bonds, including interest on the bonds, and the performance of its contractual obligations, the property and other net assets of the authority shall remain with or be transferred to the business finance authority.
II. All of the powers of the authority are vested in the executive board of the authority, comprising 5 members, one of whom shall be the executive director of the business finance authority serving ex officio and 4 of whom shall be current members of the board of directors of the business finance authority who have been appointed by the chairman of the business finance authority. Of the 4 initial appointed members of the executive board of the authority, one shall be appointed for a term ending on November 3, 2019, one shall be appointed for a term ending on November 3, 2020, one shall be appointed for a term ending on November 3, 2021, and one shall be appointed for a term ending on November 3, 2022. Successors to those initial executive board members whose terms expire each year shall be appointed by the chairman of the business finance authority, each of whom shall be a current member of the board of directors of the business finance authority and each of whom shall be appointed for a term of 3 years. An appointed member may continue to serve until a successor is appointed and so long as such appointed member is a member of the board of directors of the business finance authority. The term of an appointed member of the executive board shall terminate at the time such appointed member ceases to be a member of the board of directors of the business finance authority. If a vacancy occurs in the membership of the appointed members of the executive board, the chairman of the business finance authority shall appoint a successor to complete the remainder of the unexpired term of the appointed member leaving such vacancy. Any appointed member of the executive board shall be eligible for re-appointment. Members of the executive board shall not receive compensation for serving in such capacity, but shall be entitled to reimbursement for any expenses actually incurred in connection with such service, if the executive board shall determine that such expenses shall be reimbursed and there are unencumbered funds of the authority available for such purpose.
Terms Used In New Hampshire Revised Statutes 162-S:3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Ex officio: Literally, by virtue of one's office.
- Quorum: The number of legislators that must be present to do business.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
III. The members of the executive board shall elect one of its members as chairperson of the executive board and another as vice chairperson of the executive board, and shall also elect a secretary of the executive board, who need not be a member of the executive board. Notwithstanding any provision of N.H. Rev. Stat. Chapter 162-A or N.H. Rev. Stat. Chapter 162-I to the contrary, 3 members of the executive board shall constitute a quorum for any meeting of the authority under this chapter, and the vote of a majority of the members of the executive board constituting a quorum present and voting shall be a prerequisite to any action taken by the authority. A vacancy in the membership of the executive board shall not impair the right of a quorum to exercise all the powers and perform the duties of the authority under this chapter. Notwithstanding N.H. Rev. Stat. Chapter 91-A or any other law to the contrary, members of the executive board shall be permitted to participate in meetings of the authority by telephone or video conference, provided that any member so participating shall be able to be heard by and to hear every other member of the executive board participating in the meeting and, unless the authority meeting is a nonpublic session being conducted pursuant to N.H. Rev. Stat. § 91-A:3, shall be able to hear and be heard by all members of the public attending the meeting, and provided further that the meeting is held at a physical location available to the public and identified in the notice of the meeting. Voting members participating by telephone or video conference shall be treated as present at the meeting for all purposes, including the establishment of quorum.
IV. Any action taken by the authority under this chapter may be authorized by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or posted.
V. The business finance authority, acting pursuant to its general powers set forth in N.H. Rev. Stat. Chapter 162-A and RSA 162-I, shall have the power to establish rules, requirements, and procedures with respect to the operations and activities of the authority pursuant to this chapter. Such rules shall be subject to the requirements of N.H. Rev. Stat. § 162-A:28.
VI. Upon dissolution of the authority, subject to the adequate provision for the payment of its bonds, including interest on the bonds, and the performance of its contractual obligations, the property and other net assets of the authority shall remain with or be transferred to the business finance authority.