Composition of Foundation Board of Directors

The public corporation, as initially established by the Superintendent of Education, shall be comprised of a nine

(9)member board of directors. The Superintendent shall appoint the charter directors of said corporation and each charter director will serve an initial term of one

(1)year. The Superintendent of Education shall serve as temporary chairperson, and shall convene the first meeting of the Foundation. At its first meeting the Foundation shall elect from among its members its officers in accordance with its established by-laws. At least two

(2)of its members shall be alumni of the Department of Education, formerly the Guam Department of Education. For the purposes of this provision, an alumnus is defined as any one

(1)person having attended the Department of Education for one

(1)complete school year. At least one

(1)member shall have accounting experience or a professional background in accounting. At least one

(1)COL 110609 CH. 13 FOUNDATION FOR PUBLIC EDUCATION A CT OF 2009 member shall have experience or professional background in marketing or advertising. At least one

(1)member shall have legal experience or professional background in the law. At least one

(1)member shall have experience or professional background as a fund manager. The remaining members of the Foundation shall be of diverse backgrounds from the community, who have resided on Guam for at least three

(3)years. Upon establishment of the public corporation, said corporation shall establish in its articles of incorporation and by-laws the manner of appointment and length of service for Board Members and all other rules and regulations relative to operations, investments and programs through which all private gifts, donations, endowments, services in-kind, grants and other money shall be granted back to the Department of Education. The established bylaws shall reflect the qualifications and the makeup of the Board of Directors as enumerated in this Section. In the event of a vacancy on the charter board of directors, the Superintendent of Education, or the Chairperson of the Guam Education Policy Board should the Superintendent of Education be incapacitated, shall appoint a replacement for the unexpired term. The initial meeting of the public corporation shall be convened by the Superintendent of the Department of Education.