Common use of Functions of the Board of Directors Clause in Contracts

Functions of the Board of Directors. A. The Board of Directors shall govern the AUTHORITY and shall have the authority to carry out those functions of the AUTHORITY specified in this Agreement. B. The Board of Directors shall have the power and authority to receive, accept, and utilize the services of personnel offered by any of the parties of this Agreement, or their representatives or agents; to receive, accept, and utilize property, real or personal, from any of the parties to this Agreement, or their agents or representatives (and each Member is authorized to provide such services and property upon such terms as are agreed upon by the Member and the Agency); and to receive, accept, and expend and disburse funds by contract or otherwise, for purposes consistent with the provisions of this Agreement, which funds may be provided by any of the parties to this Agreement, or their agents or representatives. C. The Board of Directors shall provide, or cause to be provided, each Member with an annual report of the financial condition of the AUTHORITY and each plan, subplan or program, and the Operating Fund, including the fund balance of each Member District by plan. D. The Board of Directors shall annually, on or before June 30, adopt a budget showing each of the purposes for which the AUTHORITY will need money and the estimated amount of money that will be needed for each such purpose for the ensuing fiscal year. A copy of the budget shall be transmitted to each of the participating Members. The budget process shall include approval of new employee positions. E. The Board of Directors may appoint and dissolve working committees from its active Membership and direct Agency with respect to its responsibilities hereunder. F. The Board of Directors shall determine the formulas and methods by which contributions and premiums will be paid to the AUTHORITY. The Board of Directors shall also provide for additional assessments, rebates, and plan changes during the year. G. The Board of Directors shall elect an Executive Committee of eight

Functions of the Board of Directors. A. The Board of Directors shall govern the AUTHORITY CONSORTIUM and shall have the authority to carry out those functions of the AUTHORITY CONSORTIUM specified in this Agreement. B. The Board of Directors shall have the power and authority to receive, accept, and utilize the services of personnel offered by any of the parties of this Agreement, or their representatives or agents; to receive, accept, and utilize property, real or personal, from any of the parties to this Agreement, or their agents or representatives (and each Member is authorized to provide such services and property upon such terms as are agreed upon by the Member and the Agency); and to receive, accept, and expend and disburse funds by contract or otherwise, for purposes consistent with the provisions of this Agreement, which funds may be provided by any of the parties to this Agreement, or their agents or representatives. C. The Board of Directors shall provide, or cause to be provided, each Member with an annual independent auditor's report of the financial condition of the AUTHORITY CONSORTIUM and each plan, subplan or program, and the Operating Fund, including the fund balance of each Member District by planprogram. D. The Board of Directors shall annually, on or before June 30, adopt a budget showing each of the purposes for which the AUTHORITY CONSORTIUM will need money and the estimated amount of money that will be needed for each such purpose for the ensuing fiscal year. A copy of the budget shall be transmitted to each of the participating Members. The budget process shall include approval of new Agency employee positionspositions to be funded by the CONSORTIUM. E. The Board of Directors may appoint and dissolve working committees from its active Membership and direct Agency with respect to its responsibilities hereunder. F. The Board of Directors shall determine the formulas and methods by which contributions and premiums will be paid to the AUTHORITYCONSORTIUM. The Board of Directors shall also provide for additional assessments, rebates, and plan changes during the year. G. The Board of Directors shall elect an Executive Committee of eightseven (7) Members from the membership of the Board of Directors. 1. Three