POWERS AND DUTIES OF THE BOARD. 1. The Board shall meet as often as may be necessary to perform the general duties of the administration of the Plan or at the request of the Commissioner. Seven members of the Board shall constitute a quorum. 2. The Board shall be empowered to appoint or otherwise contract for the services of a Secretary/Manager; to budget expenses, levy assessments including preliminary assessments; disburse funds; and to establish such other rules and perform all other duties necessary or incidental to administration of the Plan. The adoption of substantive changes in pension plans or employee benefit programs shall be subject to the approval of the Members. Assessments upon Members shall be levied as described in Section VIII. 3. Annually the Secretary/Manager and Treasurer shall prepare an operating budget, which shall be subject to approval of the Board. Any contemplated expenditure in excess of or not included in the annual budget shall require prior approval of the Board. 4. The Board shall furnish to the Commissioner a written report of operations annually on or before July 1 in such form and detail as the Commissioner may determine. A copy of such report shall be furnished to all Members. *************** ARTICLES OF AGREEMENT The purpose of these Articles of Agreement is to evidence agreement by the Alabama Insurance Underwriting Association to administer the Plan of Operation. ARTICLE I Name This organization shall be known as the Alabama Insurance Underwriting Association, an unincorporated nonprofit association.
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Sources: Plan of Operation and Articles of Agreement, Plan of Operation and Articles of Agreement, Plan of Operation and Articles of Agreement