J. MILLARD TAWES, Governor                       1273

filled for the unexpired term in the same manner as original appoint-
ments. Directors shall receive no compensation for their services hut
shall be reimbursed for their expenses actually and necessarily in-
curred by them in the performance of their duties under this article.

(b)   The board of directors shall provide for the holding of regu-
lar and special meetings. Six directors attending shall constitute a
quorum for the transaction of any business and, unless a greater
number is required by the by-laws of the corporation, the act of a
majority of the directors present at any meeting shall be deemed the
act of the board.

(c)   The board of directors shall adopt by-laws for the corporation
and may appoint such officers and employees as it deems advisable
and may fix their compensation and prescribe their duties.

(d)   The board of directors may elect an executive committee of
not less than five members who, in intervals between meetings of the
board, may transact such business of the corporation as the board
may from time to time authorize. Unless otherwise provided by the
by-laws of the corporation, a majority of the whole of such com-
mittee attending shall constitute a quorum for the transaction of any
business and the act of a majority of the members of the executive
committee present at any meeting thereof shall be the act of such
committee.

5. In furtherance of the purposes set forth in this article, the
board of directors shall have the following powers:

(a)   To lend money, upon such terms and conditions as the board
may prescribe, within the limitations contained in this article, to
persons who are residents of this state and who are attending or
plan to attend colleges in this state or elsewhere, to assist them in
meeting their expenses of higher education; provided, however, that
no such person shall receive any loan or loans in excess of one thou-
sand dollars for any school year and that no such person shall receive
a total of more than five thousand dollars, and to guarantee the loan
of money, upon such terms and conditions as the board may pre-
scribe, within the limitations contained in this article, to persons
who are residents of the state and who are attending or plan to
attend colleges in this state or elsewhere, to assist them in meeting
their expenses of higher education; provided, however, that no loan
to such a person shall be guaranteed to an amount in excess of one
thousand dollars for any school year and that the total loan to such
a person shall not be guaranteed in an amount of more than five
thousand dollars. Students who are attending or plan to attend col-
leges on a part-time basis shall be eligible for loans hereunder. The
board shall, by rule, establish minimum qualifications for a person
to be deemed a part-time student for the purposes hereof. The board
shall have the power to procure a policy or policies of group life
insurance to insure the repayment of loans made or guaranteed by
the corporation in the event of the death of an individual to whom
a loan is made or guaranteed hereunder.

(b)   To take, hold and administer, on behalf of the corporation
and for any of its purposes, real property, personal property and
moneys, or any interest therein, and the income therefrom, either
absolutely or in trust, for any purpose of the corporation. The board
of directors may acquire property or moneys for such purpose by