The Oversight Committee shall adopt Bylaws to govern the conduct
of its meetings and its management of the Institute, consistent with
applicable law.
(1) The Bylaws shall include:
(A) A process to elect a presiding officer, assistant
presiding officer, and any other officer positions that may be created
by the Oversight Committee and to set terms of service for such positions;
(B) A meeting schedule that permits a public meeting
to be held no less than once each calendar quarter, with appropriate
notice and opportunity for a formal public comment period;
(C) Duties and responsibilities for the presiding officer
and assistant presiding officer, as well as other additional officer
positions that may be created by the Oversight Committee;
(D) Responsibilities of the Oversight Committee and
the Committee's officers that are distinguished from responsibilities
of the Chief Executive Officer and Institute employees;
(E) A process for the Oversight Committee to review
the financial practices of the Institute, including a review of the
annual financial audit of the Institute's activities and the Comptroller
of Public Accounts' report and evaluation of the Institute's annual
financial audit;
(F) A prohibition against an interlocking directorate
between the Oversight Committee and any foundation established to
benefit the Institute;
(G) A process for hiring a Chief Executive Officer
and evaluating the Chief Executive Officer's job performance; and
(H) A designation of grounds for removal from the Oversight
Committee based on illness, absence, or ineligibility and provide
process for removal.
(2) The Bylaws must be posted on the Institute's Internet
website.
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