Section 497. Establishment of regional college cooperative services board

1. Upon the request of the governing board  of  at  least  two  or  more
  non-public   institutions  of  higher  education,  the  commissioner  of
  education shall call a joint meeting of the members  of  such  governing
  boards  for  the  purpose  of  determining  whether  a  regional college
  cooperative services board should be established within  the  geographic
  area  in  which  such  institutions  are  located.  In  the event that a
  regional college center with similar purposes is already in existence in
  the state, the commissioner of education shall extend to such center the
  opportunity to become a regional college cooperative services board.
    2. If the commissioner determines that such board will strengthen  and
  best  develop the educational resources within the area to be served, he
  shall call a meeting to elect a board of trustees of such board.  Notice
  of  such  meeting  shall be mailed by the commissioner to each member of
  the governing board of each institution at his  last  known  address  at
  least  five  days  prior to such meeting.  At such meeting the governing
  board of each institution shall have one vote.
    3. Within one month after  taking  office,  the  trustees-elect  shall
  apply  to  the  regents  for a charter as a regional college cooperative
  services board.
    4. Such board shall elect a president, a secretary  and  a  treasurer.
  Before  entering  upon his duties, such treasurer shall execute and file
  with such board an official  undertaking  in  such  sum  and  with  such
  sureties  as directed by the board and approved by the commissioner. The
  treasurer need not be a member of such board.  The funds of  such  board
  shall  be  deposited  in  a  bank  or  banks  designated by its board of
  trustees and shall be expended only under the direction  of  such  board
  upon properly authenticated vouchers.
    5.  The  term  of  office  of the trustees of such board shall be five
  years except that the members of  the  first  board  of  trustees  shall
  determine  by  lot  the year in which the term of office of each trustee
  shall expire so that as nearly as possible the terms of one-fifth of the
  members of such board will expire annually. Thereafter the successors of
  such trustees shall be elected annually at a joint meeting of the member
  institutions. Such meeting shall be called by the secretary of the board
  who shall mail a notice of such meeting to each trustee of each  of  the
  member institutions of the board at his last known address, at least ten
  days  prior  to  such  joint meeting. At such joint meeting the board of
  trustees of each member institution of the board shall  have  one  vote.
  The board of trustees of any such member institution may, by resolution,
  designate one or more members of such board to attend such joint meeting
  and cast the vote of such board.