Board of Directors

(a)The management of the Housing Corporation shall be vested in a Board of Directors consisting of seven

(7)members including a chairman who shall be appointed by the Governor of Guam, with the advice and consent of the Legislature.

(1)The Directors shall serve for a period of six

(6)years, except that

(A)any director appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of such term, and

(B)the terms of office of the directors first taking office after June 30, 1963, shall expire, as designated by the Governor at the time of appointment, one

(1)the end of two

(2)years, one

(1)at the end of four

(4)years, one

(1)at the end of six

(6)years, and one

(1)at the end of eight

(8)years, after June 30, 1963. COL9/7/2021 CH. 4 GUAM HOUSING CORPORATION

(2)Qualifications of Board members shall include demonstrated ability, attachment to the public interest, impartiality, and diversified experience among its members.

(3)The Board shall be responsible for overall policymaking and general supervision.

(4)The Board shall meet at least quarterly.

(5)The Board of Directors shall act only by a majority vote of those present at a meeting attended by a quorum, and such quorum shall consist of four

(4)Directors. Subject to the foregoing limitation, vacancies in the membership of the Board shall not affect its power to act.

(6)Directors shall not participate in any decision of the Board which will directly involve or affect their personal business affairs.

(7)The Directors receive no salary for their services on the Board, but under regulations and in amounts prescribed by the Board, with the approval of the Governor, may be paid by the Housing Corporation reasonable per diem fees, and allowances in lieu of subsistence expenses, for attendance at meetings of the Board and for time spent on official service of the Housing Corporation, and their necessary travel expenses to and from meetings or when upon such official service.

(b)The administrative functions shall be performed by a full-time staff headed by a president appointed by the Board, subject to approval of the Governor and the consent of the Legislature.

(c)The president shall be responsible to the Board for the execution of programs and policies adopted by the Board and for the day-to-day operations of the Housing Corporation. Between meetings of the Board, the president shall see that the Housing Corporation faithfully executes the programs and policies adopted by the Board.