Section 111.2 - Pennsylvania Higher Education Assistance Agency (Adm. Code Section 401.2)(a)(1) The Pennsylvania Higher Education Assistance Agency shall be governed and all of its corporate powers exercised by a board of directors which shall consist of twenty members, nineteen of whom shall be appointed as hereinafter provided, and the Secretary of Education. Except as provided in subsection (b), three members shall be appointed by the Governor and confirmed by the Senate, eight shall be appointed by the President pro tempore of the Senate, and eight shall be appointed by the Speaker of the House of Representatives.(2) All members shall be of full age, citizens of the United States and residents of this Commonwealth and shall be appointed for terms of six years each, except as provided in subsection (b)(1). Of the members appointed by the Governor, one shall be appointed for a term which shall expire June 30, 2011, one for a term which shall expire June 30, 2013, and one for a term which shall expire June 30, 2015. Of the members appointed by the President pro tempore of the Senate, three shall be appointed for a term which shall expire June 30, 2011, three for a term which shall expire June 30, 2013, and two for a term which shall expire June 30, 2015. Of the members appointed by the Speaker of the House of Representatives, four shall be appointed for a term which shall expire June 30, 2011, three for a term which shall expire June 30, 2013, and one for a term which shall expire June 30, 2015.(3) The eight members appointed by the President pro tempore of the Senate shall be members of the Senate or appointees under subsection (b), four of whom shall be of the majority party and four of the minority party; and the eight members appointed by the Speaker of the House of Representatives shall be members of the House of Representatives or appointees under subsection (b), four of whom shall be of the majority party and four of the minority party; and any member of the Senate or House of Representatives hereafter appointed shall serve on the board only so long as he is a member or an appointee under subsection (b) of the particular body of the General Assembly from which he was appointed to the board, in which event he shall be ineligible to continue as a member of the board as a legislative appointee and a vacancy shall exist. In such a case the President pro tempore of the Senate or the Speaker of the House of Representatives shall fill the vacancy for the unexpired term in the same manner as original appointment.(b)(1) Commencing with legislative board appointments that expire after June 30, 2010, all board appointments made after June 30, 2010, shall be appointed for terms of four years each and, when a legislative member's term, as appointed under this section, expires and the legislative member wishes not to be reappointed, provided he is eligible for reappointment, the legislative leader of the respective chamber shall fill the vacancy with a nonlegislative individual that has relevant experience in a field related to finance, banking, investment, information technology, higher education or higher education finance. The respective legislative leader shall not appoint more than one nonlegislative member to fill a vacancy in the board positions allotted to the majority or minority party, and such appointment shall not replace the chairman of the standing committee on education or the legislator designated to serve on the education committee chairman's behalf.(2) A member of the board of directors who becomes ineligible to serve as a legislative appointee shall be eligible for appointment by the Governor.(3) The board of directors shall elect from its own members each year a chairman and vice chairman, each of whom must be a legislative appointed member of the board, who shall serve for terms of one year and who shall be eligible for reelection for successive terms. Vacancies shall be filled for the unexpired terms in the same manner as original appointments. Directors shall receive no compensation for their services but shall be reimbursed for their expenses actually and necessarily incurred by them in the performance of their duties under the act of August 7, 1963 (P.L. 549, No. 290), referred to as the Pennsylvania Higher Education Assistance Agency Act.(c) The board of directors shall provide for the holding of regular and special meetings. Six directors attending shall constitute a quorum for the transaction of any business and, unless a greater number is required by the bylaws of the agency, the act of a majority of the directors present at any meeting shall be deemed the act of the board.(d) The board of directors shall adopt bylaws for the agency and may appoint such officers and employees as it deems advisable and may fix their compensation and prescribe their duties.(e) The board of directors may elect an executive committee of not less than five members who, in intervals between meetings of the board, may transact such business of the agency as the bylaws of the agency may from time to time authorize. Unless otherwise provided by the bylaws, a majority of the whole of such committee attending shall constitute a quorum for the transaction of any business, and the act of a majority of the members of the executive committee present at any meeting thereof shall be the act of such committee.1929, April 9, P.L. 177, No. 175, § 401.2, added 2010, July 9, P.L. 348, No. 50, § 6, imd. effective.