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Home My WebLink About01-30-97 TSHC Min MINUTES AND CERTIFICATION On January 30, 1997, the Board of Directors (the "Board") of Texas Student Housing Corporation convened in a public meeting at the designated meeting place in Westlake, Texas. The roll of the duly constituted officers and members of the Board was called, which are as follows: Name Title James P. Carter President Worth Blake Vice President Abe A. Bush Secretary/Treasurer John Brooks Member Forrest Watson Member Gary G. Wall Member Carroll Schubert Member vacant Member vacant Member all of whom were present except the following absentee(s): John Brooks, Forrest Watson, Carroll Schubert thus there was no quorum. Executive Session: The Board conducted a closed session pursuant to Chapter 551 of the Texas Government Code with its Finance Attorney and its Financial Advisor to discuss the possible purchase of additional real properties, as permitted by Section 551.072 of the Texas Government Code. The Board convened the Executive Session at 6:30 p.m. and adjourned Executive Session at 7:30 p.m. No action was taken. The next item of business was to discuss the makeup of the Board. President Carter reviewed the history of the Board and the number of members. The lack of a quorum at the meetings is of great concern. He posed several questions. One is, do we enlarge the Board membership? Two, do we reduce the number of members? Third, How do we handle Board members' absences from meeting? A consensus of the Board members present recommend the Westlake Board of Aldermen amend the bylaws of the Texas Student Housing Corporation to reflect Board members may miss no more than two consecutive meetings without an excused absence from the President. If two unexcused absences occur, the Board member's resignation must be given. The other recommendation for amendment to the bylaws is to increase the number of Board members to twelve. Mayor Bradley will take these recommendations back to the Westlake Board of Aldermen for consideration. President Carter then asked if the role of the Board could be defined. There is some confusion. A discussion ensued with the conclusion that the Board sets policy. It was suggested that several committees could be formed from the Board such as an Audit Committee, Facilities Committee, Management Committee and Scholarship Committee. Secretary/Treasurer Abe Bush reported there is $30,793.20 in the local account and the corporation had made approximately $1,500 from the money market fund. He further reported that the Board can fund the present seven scholarship winners again next year. Mr. Bush asked the attorney if the Board needed a budget. The attorney replied there is no legal requirement but suggested it would be a good idea. The next agenda item was to approve minutes, but due to the lack of a quorum, the minutes will be ratified at the next meeting. The Board will be passing an authorization to pay for services from outside sources and the Town of Westlake employees if needed. Several Board members suggested they meet more frequently and have regularly scheduled meeting dates. A suggested date was the first 'Thursday of the month or every other month. The Board would like to meet on March 6, 1996 to approve the audit and meet again on April 3, 1996 to review scholarship applications and announce winners. There being no further business to discuss, the meeting was adjourned. MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to correctly reflect the duly constituted officers and members of the Board, and is hereby certified to be a correct copy of an official copy thereof, on file among the official records of the Boards on this day of , 1997, By: Authorized Officer [SEAL] Title: