CMP.2.3.060 Regulatory Agent(s); Compensation, Duties

(a) Regulatory Agent(s); Term of Office.

(1) The Authority shall be governed by an Agent(s) appointed by the Governing Board. The Governing Board may change the number of Agent(s) by Resolution as it deems necessary.

(2) Agents shall serve seven (7) year terms, commencing upon appointment, or until removed by the Governing Board pursuant to Section CMP.2.3.090.

(3) If more than one Agent is appointed, Agents' terms shall be staggered.

(4) There shall be no limit on the number of times an Agent may be reappointed.

(5) An Agent's term shall automatically renew unless the Governing Board appoints a replacement before expiration of the then-current term.

(b) Compensation. The compensation of the Agent(s) shall be established from time to time by the Governing Board.

(c) Director; Other Officers. The Governing Board shall designate a Director. The Director may establish subordinate officers as needed.

(d) Duties. The Agent(s) shall have the following duties:

(1) Oversee and have responsibility for the day-to-day operations of the Authority, including supervision of Authority employees;

(2) Serve as the agent for service of process;

(3) Conduct or oversee the conduct of any meetings or hearings held by the Authority in accordance with this Code or further directive of the Governing Board;

(4) Monitor Licensees under this Code;

(5) Exercise the powers enumerated in Section CMP.2.3.110 as needed and at its discretion.

(6) Perform any other tasks or functions assigned by the Governing Board or not expressly stated within the Code but which are necessary to ensure the Tribe's purposes and policies are met.

(e) Agent Qualifications. Any Person appointed to be an Agent shall meet the

following qualifications:

(1) The appointee shall have expertise, experience, education or a combination thereof in financial services, finance, management, business, governmental regulation, law, and/or Tribal policy.

(2) The appointee shall be at least twenty-one (21) years of age and show proof of high school diploma or equivalent.

(3) No Person shall serve as Agent if:

(A) the Person has been convicted of or entered a plea of no contest to any crime involving breach of trust or dishonesty in any jurisdiction; or

(B) as determined by the Governing Board, the Person's prior activities, reputation, habits or associations pose a threat to the public interest; threaten the effective regulation and control of financial services; or enhance the dangers of unsuitable, unfair, or illegal practices, methods, or activities in the conduct of financial services.

(C) the Person (or the Person's spouse or significant other, parents, children, and siblings) has an ownership, partnership, or other direct financial interest in any Licensee, one of its agents, contractors, or sub-contractors. Upon disclosure, a conflict may be waived by the Governing Body provided the appropriate safeguards are put in place to ensure impartiality.

(D) He/she would not comply with Section CMP.2.3.080 if appointed to the Authority.