March 5, 2003
Madam President:
Your CORPORATIONS AND TRANSPORTATION COMMITTEE, to whom has been referred
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. On page 17, between lines 21 and 22, insert the following new Section 8 to read:
"Section 8. Section 58-29-5 NMSA 1978 (being Laws 2000, Chapter 97, Section 7, as amended) is amended to read:
"58-29-5. CORPORATION BOARD OF DIRECTORS--APPOINTMENT--POWERS.--
A. The corporation shall be governed by the board. The corporation's board of directors shall consist of:
(1) the state treasurer or his designee;
(2) the state investment officer or his designee;
[(3) the president of the New Mexico bankers
association or his designee;
(4) the president of the New Mexico independent
community bankers association or his designee;
(5) as a non-voting member, the director of the New
Mexico district of the United States small business administration
or his designee]; and
[(6) four] (3) six members appointed [or elected as
provided in this section] by the governor.
B. Each director shall hold office for the length of his term in office or until a successor is appointed or elected and begins service on the board.
C. The governor shall appoint, with the consent of the
senate, the [initial four] six public directors of the board who
shall serve at the pleasure of the governor. [and the full board
shall then elect the president.
D. After the governor appoints the initial four public
directors of the board, those directors shall determine by lot their
initial terms, which shall be two directors for two years and two
directors for four years. Thereafter, each public member director
shall be appointed or elected to a four-year term. At the
expiration of the terms of the two initial directors whose terms are
two years, the governor shall appoint one director and the board
shall elect one director for full four-year terms. At the
expiration of the terms of the two initial directors whose terms are
four years, the governor shall appoint one director and the board
shall elect one director for full four-year terms. Thereafter, as
vacancies arise, public member directors shall be appointed or
elected so that at all times two shall be appointed by the governor
and two shall be elected by the board in accordance with provisions
determined by the board.
E. The governor shall not remove a director he appoints
unless the removal is approved by a two-thirds' vote of the members
of the senate.
F.] D. The governor's appointees to the board shall be
public members who have general expertise in small business
management, but they shall not be employed by or represent small
businesses receiving equity investments from the corporation.
[G.] E. No two members of the board shall be employed by
or represent the same company or institution.
[H.] F. The board shall annually elect a chairman from
among its members and shall elect those other officers it determines
necessary for the performance of its duties.
[I.] G. The power to set the policies and procedures for
the corporation is vested in the board. The board may perform all
acts necessary or appropriate to exercise that power.
[J.] H. Public members of the board shall be reimbursed
for attending meetings of the board as provided in the Per Diem and
Mileage Act and shall receive no other compensation, perquisite or
allowance.
[K.] I. Public members of the board are appointed public
officials of the state while carrying out their duties and
activities under the Small Business Investment Act. The directors
and the employees of the corporation are not liable personally,
either jointly or severally, for any debt or obligation created or
incurred by the corporation or for any act performed or obligation
entered into in an official capacity when done in good faith,
without intent to defraud and in connection with the administration,
management or conduct of the corporation or affairs relating to it.
[L.] J. The board shall conduct an annual audit of the
books of accounts, funds and securities of the corporation to be
made by a competent and independent firm of certified public
accountants. A copy of the audit report shall be filed with the
president. The audit shall be open to the public for inspection."".
2. Renumber the succeeding sections accordingly.
3. On page 18, strike Subsection A in its entirety.
4. Reletter the succeeding subsections accordingly.
5. On page 19, strike line 2 in its entirety and on line 3, strike "section".
6. On page 19, strike line 14 in its entirety and on line 15, strike "section".,
and thence referred to the JUDICIARY COMMITTEE.
Respectfully submitted,
__________________________________
Roman M. Maes, III, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 5 For 0 Against
Yes: 5
No: 0
Excused: Cravens, Ingle, Robinson, Snyder
Absent: None
H0080CT1 .146549.4