Sec. 23.
(1) A member of the retirement board, upon appointment, shall take an oath of office, which shall be filed immediately in the office of the secretary of state.
(2) The business which the retirement board may perform shall be conducted at a public meeting of the retirement board held in compliance with Act No. 267 of the Public Acts of 1976, as amended, being sections 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976, as amended. A majority of the retirement board constitutes a quorum for the transaction of business at a meeting of the board. A member of the retirement board who fails to attend 3 consecutive regularly scheduled meetings of the board, without valid excuse, shall be considered as having resigned from retirement board membership, and the retirement board shall declare the member's office vacated as of the date of adoption of a proper resolution.
(3) A writing prepared, owned, used, in the possession of, or retained by the retirement board in the performance of an official function shall be made available to the public in compliance with Act No. 442 of the Public Acts of 1976, as amended, being sections 15.231 to 15.246 of the Michigan Compiled Laws.
History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 Popular Name: Act 300
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 300 of 1980 - The Public School Employees Retirement Act of 1979 (38.1301 - 38.1467)
Article 2 - (38.1321...38.1336)
Section 38.1321 - Public School Employees' Retirement System; Creation.
Section 38.1324 - Retirement Board; Compensation and Expenses.
Section 38.1330 - Reserve for Employer Contributions.
Section 38.1331 - Reserve for Administrative Expenses.
Section 38.1332 - General Fund.
Section 38.1335 - Reserve for Retired Benefit Payments.
Section 38.1336 - Reserve for Undistributed Investment Income; Pension Stabilization Subaccount.