AG 2009 04 20 - Laserfiche WebLink

Home Browse Search

1 1 General Assembly of North Carolina Session 2009 1 10 Security document. -One or more written instruments establishin tights 2 and responsibilities of the Trust and the holders of bonds issued to finance 3 the hydroelectric project. A security document mawprovide for, or be in the 4 form of an agreement with, a trustee for the benefit of the bondholders. A 5 security document may contain an assignment, pled e, mortgage, or other 6 encumbrance of part or all of the Trust's interest in, or right to receive 7 revenues from, the hydroelectric project. 8 ~ Trust. -The Yadkin River Trust as established by this Article. 9 12 Yadkin Project. - Project No. 2197 as described in a license issued by the 10 Federal Energ,~Re u~ry Commission as of May 1, 1958, and as thereafter 11 subject to the regulation of the Federal Regulatory Commission. 12 "& 77-122. Board of Directors. 13 ~ Appointment. -The Board of Directors of the Yadkin River Trust shall consist of 14 seven directors who shall be appointed by the Governor upon the advice of the House Public 15 Utilities Committee and Senate Commerce Committee and subject to confirmation by the 16 General Assembly b~joint resolution. Two of the directors shall have substantial work 17 experience within the operations of electric cooperatives or investor-owned utilities or 18 substantial experience on an electric cooperative board or investor-owned utility board but must 19 not serve as an employee or board member of an electric cooperative or investor-owned utility 20 during their term as a director of the Yadkin River Trust. The names of directors to be 21 appointed by the Governor shall be submitted by the Governor to the General Assembly for 22 confirmation by the General Assembly on or before June 1 of the year in which the terms for 23 which the appointments are to be made are to expire. Upon failure of the Governor to submit 24 names as herein provided, the President Pro Tempore of the Senate and Speaker of the House 25 of Representatives jointly shall submit the names of a like number of directors to the General 26 Assembly on or before June 15 of the same year for confirmation by the General Assembles 27 Regardless of the way in which the names of directors are submitted, confirmation of directors 28 must be accomplished prior to adjournment of the then current session of the General 29 Assembly. 30 ~ Terms. -The term of office of directors of the Board is four years. A director may 31 be reappointed to any number of successive four-year terms. A director in office shall continue 32 to serve until the director's successor is duly confirmed and qualified, but the holdover shall not 33 affect the expiration date of the succeedin t 34 ~ Chairman; Vice-Chair. -Upon confirmation of the directors by the General 35 Assembly as provided in subsection (a) of this section, the Governor shall designate one of the 36 directors to serve as chairman of the Board for the succeedin fg our years and until the director's 37 successor is duly confirmed and qualifies. Upon death or resignation of the director appointed 38 as chairman, the Governor shall designate the chairman from the remaining directors and 39 appoint a successor as hereinafter provided to fill the vacancy on the Board. The Governor shall 40 convene the first meeting of the Board, at which time the members of the Board shall elect 41 from their membership avice-chair of the Board. 42 ~ Removal. -The Governor mawremove any director of the' Board for misfeasance, 43 malfeasance, or nonfeasance as provided in G.S. 143B-13. 44 ~ Vacancies. - In case of death, incapacity, resignation, or vacancy for and 45 reason in the office of any director prior to the expiration of the director's term of office, the 46 name of the director's successor shall be submitted by the Governor within four weeks after the 47 vacancy arises to the General Assembly for confirmation b~ the General Assembl~pon 48 failure of the Governor to submit the name of the successor, the President Pro Tempore of the 49 Senate and the Speaker of the House of Representatives jointly shall submit the name of a 50 successor to the General Assembly within six weeks after the vacancy arises. Regardless of the 51 way in which the names of directors are submitted, confirmation of directors must be ' 5967 [Filed] F-2 Attachment number 3 Page B 1 of 320