(1) There is hereby created the university of Colorado hospital authority, which shall be a body corporate and a political subdivision of the state, which shall not be an agency of state government, and which shall not be subject to administrative direction or control by the regents or by any department, commission, board, bureau, or agency of the state. (2) (a) The authority shall be governed by a board of directors who shall be appointed by the regents. The board of directors shall control the day-to-day operation of university hospital. (b) The board consists of the following members: (I) One director appointed from each congressional district; and (II) Three directors appointed from the state at large. (c) Of all the directors appointed to the board, one director must reside west of the continental divide, and not more than one-third of the directors shall be employees of the university of Colorado or of the authority. (d) The appointment of the directors from the congressional districts is subject to the advice and consent of the senate. The term of office for appointed members is four years; except that the terms shall be staggered so that no more than a minimum majority of members' terms expire in the same year. (e) Nothing in this subsection (2) shall be construed to limit the power of the regents to appoint persons as directors of the authority who are directors of the part 4 corporation. Each director appointed from a congressional district, whether appointed for an unexpired term or a full term, shall be deemed duly appointed and qualified until the appointment of the director is approved or rejected by the senate. If the general assembly is not in regular session at the time the appointment is made or is in regular session but does not consider the appointment before adjourning, the appointment shall be submitted to the senate for its approval or rejection during the next regular session of the general assembly following the appointment. (3) Each member of the board of directors shall hold office for such member's term and until a successor is appointed and qualified. Any member shall be eligible for reappointment, but members shall not be eligible to serve more than two consecutive full terms. Members of the board shall receive no compensation for such services but shall be reimbursed for their necessary expenses while serving as a member of the board. Any vacancy shall be filled by the regents. (4) Any member of the board of directors may be removed by the regents for malfeasance in office, failure to regularly attend meetings, or for any cause which renders said member incapable of or unfit to discharge the duties of director. (5) No part of the revenues or assets of the authority shall inure to the benefit of, or be distributed to, its board of directors or officers or any other private person or entity; except that the authority may make reasonable payments for expenses incurred on its behalf relating to any of its lawful purposes and the authority shall be authorized and empowered to pay reasonable compensation for services rendered to or for its benefit relating to any of its lawful purposes. (6) The authority and its corporate existence shall continue until terminated by law; except that no such law shall take effect so long as the authority has bonds, notes, or other obligations outstanding, unless adequate provision has been made for the payment thereof.
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