Common use of POWERS AND DUTIES OF THE BOARD OF TRUSTEES Clause in Contracts

POWERS AND DUTIES OF THE BOARD OF TRUSTEES. The board shall have the following powers and duties: (1) To admit new members in accordance with Article VI. (2) To cancel coverage of eligible insureds for nonpayment of premium, deductibles and/or noncompliance with policy conditions and agreements. (3) To expel members for noncompliance with this agreement or with the provisions of the manuscripted policy. (4) To set underwriting criteria and establish contributions by the members and premiums for eligible insureds. (5) To establish the types of losses to be covered, limits of liability on insurance policies, and the types of deductibles which MACo PCT provides. (6) To provide for personnel necessary for the MACo PCT administration. (7) To set the dates, places and provide an agenda for board and members’ meetings. (8) To exercise all powers of MACo PCT except powers reserved to the members. (9) To prepare, adopt and report MACo PCT’s budget to the members. (10) To make reports to the members at their meetings. (11) To adopt, and to amend from time to time, the insurance policy manuscript governing insurance coverage under the pool. (12) To provide for claims administration, settlement, and loss control procedures. (13) To provide for the investment and disbursement of funds. (14) To establish procedures governing its own conduct and the powers and duties of its officers not inconsistent with this agreement. (15) To provide to members annually: (a) An audit of the financial affairs of MACo PCT to be made by a certified public accountant at the end of each fiscal year in accordance with generally accepted auditing principles and state law; and (b) An annual report of operations. (16) To form committees and provide other services as needed by MACo PCT. The board shall determine the method of appointment and terms of committee members. (17) To do all acts necessary and proper for the operation of MACo PCT and implementation of this agreement subject to the limits of this agreement and not in conflict with this agreement. (18) Dissolve MACo PCT and disburse its assets by a 2/3 vote of the entire membership.