The Oversight Committee shall adopt Bylaws to govern the conduct of its meetings and its management of the Institute, consistent with applicable law.

1. (1) The Bylaws shall include:

   1. (A) A process to elect a presiding officer, assistant presiding officer, and any other officer positions that may be created by the Oversight Committee and to set terms of service for such positions;
   2. (B) A meeting schedule that permits a public meeting to be held no less than once each calendar quarter, with appropriate notice and opportunity for a formal public comment period;
   3. (C) Duties and responsibilities for the presiding officer and assistant presiding officer, as well as other additional officer positions that may be created by the Oversight Committee;
   4. (D) Responsibilities of the Oversight Committee and the Committee's officers that are distinguished from responsibilities of the Chief Executive Officer and Institute employees;
   5. (E) A process for the Oversight Committee to review the financial practices of the Institute, including a review of the annual financial audit of the Institute's activities and the Comptroller of Public Accounts' report and evaluation of the Institute's annual financial audit;
   6. (F) A prohibition against an interlocking directorate between the Oversight Committee and any foundation established to benefit the Institute;
   7. (G) A process for hiring a Chief Executive Officer and evaluating the Chief Executive Officer's job performance; and
   8. (H) A designation of grounds for removal from the Oversight Committee based on illness, absence, or ineligibility and provide process for removal.
2. (2) The Bylaws must be posted on the Institute's Internet website.

Source Note:The provisions of this §701.5 adopted to be effective March 2, 2014, 39 TexReg 1380.