00 CS FOR HOUSE BILL NO. 81(FIN)                                                                                         
01 "An Act relating to the members of the board and staff of the Alaska                                                    
02 Permanent Fund Corporation."                                                                                            
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  AS 37.13.070(a) is amended to read:                                                                  
05  (a)  The governor may remove a member of the board from office.  A removal                                            
06 by the governor must be in writing and must state the reason for the removal.   The                                    
07 removal may not be based on the general decision to have the governor's own                                             
08 appointed member on the board.   A member who is removed by the governor may                                           
09 not participate in board business and may not be counted for purposes of establishing                                   
10 a quorum after the member receives written notice of removal from the governor.                                         
11    * Sec. 2.  AS 37.13.100 is amended to read:                                                                        
12  Sec. 37.13.100.  Corporation staff.  The board may employ and determine the                                         
13 salary of an executive director.  The executive director may, with the approval of the                                  
14 board, select and employ additional staff as necessary.   The executive director and                                   
01 other employees with investment responsibilities serve at the pleasure of the                                           
02 board, except that the board may enter into employment contracts that do not                                            
03 exceed two years' duration.   An employee of the corporation, including the executive                                  
04 director, may not be a member of the board.  The executive director and the other                                       
05 employees of the board are in the exempt service under AS 39.25.