(a) The Charitable Trust Stabilization Committee is created. The Committee consists of the following members: (1) the Attorney General or his or her designee, who shall serve as co-chair of the Committee; (2) a member that represents the Office of the State Treasurer that is appointed by the Treasurer, who shall serve as co-chair of the Committee; (3) the Lieutenant Governor or his or her designee; (4) the Director of Commerce and Economic Opportunity or his or her designee; (5) the chief executive officer of the Division of Financial Institutions in the Department of Financial and Professional Regulation or his or her designee; and (6) six private citizens, who shall serve a term of 6 years, appointed by the State Treasurer with advice and consent of the Senate. (b) The State Treasurer shall adopt rules, including procedures and criteria for grant awards. The Committee must meet at least once each calendar quarter, and it may establish committees and officers as it deems necessary. For purposes of Committee meetings, a quorum is a majority of the members. Meetings of the Committee are subject to the Open Meetings Act. The Committee must afford an opportunity for public comment at each of its meetings. (c) Committee members shall serve without compensation, but may be reimbursed for their reasonable travel expenses from funds available for that purpose. The Office of the State Treasurer shall, subject to appropriation, provide staff and administrative support services to the Committee. (d) The State Treasurer shall administer the Charitable Trust Stabilization Fund. The State Treasurer may transfer all or a portion of the balance of the fund to a third-party administrator to fulfill the mission of the Committee and the purposes of the fund in accordance with this Act and in compliance with Section 5(c) of this Act. shall serve as co-chair of the Committee; Treasurer that is appointed by the Treasurer, who shall serve as co-chair of the Committee; or his or her designee; Financial Institutions in the Department of Financial and Professional Regulation or his or her designee; and years, appointed by the State Treasurer with advice and consent of the Senate.
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