(a) The bank shall be governed by a board of directors consisting of seven to nine natural persons. The number is determined by the bank's bylaws. Two board members shall be appointed by the governor of the state. The other board members shall be elected by the members of the bank as provided in the bank's bylaws, except that at least one of the elected board members must be a resident farmer. The board members appointed under this section must be residents of the state and meet the requirements of AS 39.05.100.
(b) The members of the board shall serve for terms of three years and may serve successive terms. Terms must be staggered. A member of the board who releases confidential information in violation of AS 44.81.260, commits serious ethical misconduct that relates to the member's fitness to serve as a member of the board, or maintains a chronic substandard borrowing relationship with the bank shall be removed from the board.
(c) A majority of the members of the board constitutes a quorum for the transaction of business and the exercise of the powers and duties of the board.
(d) A member of the board may not vote on a transaction of the bank under this chapter if the member is a party to the transaction.
(e) The members of the board shall annually elect from among themselves a chair and vice-chair and other board officers as may be provided in the bank's bylaws.
(f) [Repealed, § 10 ch 112 SLA 2014.]
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