(a) Composition.--The board shall be composed of the following members: (1) The Secretary of Community and Economic Development or a designee.(2) The Secretary of the Budget or a designee.(3) The Secretary of Banking or a designee.(4) Four legislative appointees.(i) Appointments are as follows: (A) One individual appointed by the President pro tempore of the Senate.(B) One individual appointed by the Minority Leader of the Senate.(C) One individual appointed by the Speaker of the House of Representatives.(D) One individual appointed by the Minority Leader of the House of Representatives.(ii) Legislative appointees shall serve at the pleasure of the appointing authority.(iii) An individual appointed to the board pursuant to subparagraph (i) may not be a member of the General Assembly or staff of a member of the General Assembly.(b) Organization.--The Governor shall select a member of the board to serve as chairperson. The members shall select from among themselves such officers as they shall determine.(c) Meetings.--The board shall meet at the call of the chairperson.(d) Quorum.--Five members of the board shall constitute a quorum, and the following shall apply: (1) The consent of at least five members of the board, with at least four of the consenting members being appointed under subsection (a)(4), shall be necessary to take action on behalf of the authority for any of the following:(ii) Hiring professionals under section 1513(a)(5) and (6) (relating to powers).(iv) Approving projects and contracts under Subchapter E (relating to programs).(v) Adopting guidelines relating to the implementation of Subchapter E.(2) A majority of the board shall be necessary to take any other action on behalf of the authority.(e) Compensation.--The members of the board shall be entitled to no compensation for their services as members of the board but shall be entitled to reimbursement for all necessary and reasonable expenses incurred in connection with the performance of their duties as members of the board.(f) Fiduciary relationship.--The members of the board and the professional personnel of the board shall stand in a fiduciary relationship with the Commonwealth and the authority as to the moneys in the accounts of the authority and investments of the authority.(g) Standard of care.--The members of the board in performance of their duties under this chapter shall exercise the standard of care required by 20 Pa.C.S. Ch. 73 (relating to municipalities investments).(h) Liability.--Members of the board shall not be liable personally on any obligations of the authority, including bonds of the authority.(i) Initial appointment and vacancy.--Appointing authorities shall appoint initial members to the board within 30 days of the effective date of this chapter. Whenever a vacancy occurs on the board, the appointing authority shall appoint a successor member within 30 days of the vacancy.2004, April 1, P.L. 163, No. 22, § 1, imd. effective.