1. (a)

   1. (1) The Board consists of 14 trustees.

   2. (2) The nonvoting trustees are:

      1. (i) the Secretary;
      2. (ii) a member of the House of Delegates, appointed by the Speaker of the House; and
      3. (iii) a member of the Senate, appointed by the President of the Senate.

   3. (3) With the advice and consent of the Senate, the Governor shall appoint 11 voting trustees, consisting of:

      1. (i) four representatives of the public; and

      2. (ii) one representative of each of the following:

         1. 1. title companies doing business in the State;
         2. 2. financial institutions doing business in the State;
         3. 3. political subdivisions;
         4. 4. nonprofit housing developers;
         5. 5. for profit housing developers;
         6. 6. public housing authorities; and
         7. 7. social services providers.
2. (b) In appointing trustees, the Governor shall consider geographic representation.
3. (c) Service as a trustee is not a State office or State employment for purposes of any prohibition against holding two public positions.

4. (d)

   1. (1) The term of a voting trustee is 4 years.
   2. (2) The terms of voting trustees are staggered as required by the terms provided for voting trustees on October 1, 2005.
   3. (3) At the end of a term, a voting trustee continues to serve until a successor is appointed and qualifies.
   4. (4) A voting trustee who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2008, c. 547, § 1, eff. Oct. 1, 2008.