{"data":{"id":"us-ky/krs-151b.460","jurisdiction":"us-ky","citation":"KRS 151B.460","heading":"Organization of board -- Quorum  -- Meetings -- Compensation  --","body":"Disclosure of interest -- Staff and administrative assistance -- Records.\n(1) At the first board meeting following initial appointment of all board members,\nthe board shall elect a chair from its membership, and a chair shall be elected\nannually thereafter.\n(2) A majority of the board of directors of the corporation shall constitute a quorum\nfor the purpose of conducting its business and exercising its powers and for all\nother purposes, notwithstanding the existence of any vacancies on the board of\ndirectors.\n(3) The  board of directors shall meet at least once a quarter, and may meet at\nother times upon call of the chair or at the request of a majority of board\nmembers,  and with a minimum of seven (7) days' notice.\n(4) Board members  shall receive no compensation for their services but may be\nentitled to payment of any reasonable and necessary expense actually incurred\nin discharging their duties under KRS  151B.450 to 151B.475, subject to the\navailability of funding.\n(5) If any board member  has a direct or indirect interest in any qualified lender or\nany organization serving as a qualified borrower, the interest shall be disclosed\nand set forth in the minutes of the board, and the board member  having the\ninterest shall not participate in any action involving the organization in which he\nor she has the interest.\n(6) The  Education and  Labor Cabinet shall provide technical, clerical, and\nadministrative assistance to the board, together with necessary office space\nand personnel, and shall provide any other services and support necessary for\nthe board to perform its functions. The cabinet shall keep a record of the\nproceedings of the board and shall be custodian of all books, documents, and\npapers which constitute the official records of the corporation. The board may\nenter into a contract with the cabinet as may be proper and appropriate for the\nprovision of these services.","path":["KRS Chapter 151B"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52352","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:47Z","sha256":"782c1195f8e122d9cdec6318cd84f683c7ec09bb5baafb6095aa8b0948a7818a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-151b.455","next":"us-ky/krs-151b.465"},"notice":"GroundRules: Original legal text. Not legal advice."}