NC S1323

Increases the State Education Assistance Authority board of directors from 7 to 9 members, expanding the board composition.

Specifies that 7 members shall be appointed by the Governor with required expertise: 3 in secondary or higher education, 2 in finance, 1 public member with interest in higher education, and 1 chief financial officer from a North Carolina Independent Colleges and Universities member institution.

Adds 2 ex officio members: the chief financial officer of The University of North Carolina and the chief financial officer of the North Carolina Community College System.

Changes quorum requirement from 4 directors to 5 directors and modifies removal provisions to limit gubernatorial removal to instances of misfeasance, malfeasance, or nonfeasance.

Establishes transition procedures allowing current board members to complete their terms, with vacancies filled according to a staggered schedule between January 2010 and January 2013 based on expertise requirements.