463C.5  Governing board.
  1.  The powers of the authority are vested in and shall be exercised by a board consisting of the treasurer of state, the auditor of state, and the director of the department of management. Notwithstanding the provisions of section 12.30, subsection 2, regarding ex officio nonvoting status, the treasurer of state shall act as a voting member of the authority.
  2.  Two members of the board constitute a quorum.
  3.  The members shall elect a chairperson, vice chairperson, and secretary, annually, and other officers as the members determine necessary. The treasurer of state shall serve as treasurer of the authority.
  4.  Meetings of the board shall be held at the call of the chairperson or when a majority of the members so requests.
  5.  The members of the board shall not receive compensation by reason of their membership on the board.
2005 Acts, ch 178, §47, 64