AGO 97009.

• Court: Nebraska

Nebraska Attorney General Opinions 1997. AGO 97009. DATE: January 23, 1997SUBJECT: Nebraska Investment Council; Quorum to Conduct BusinessREQUESTED BY: Rex W. Holsapple, State Investment OfficerWRITTEN BY: Don Stenberg, Attorney General Fredrick F. Neid, Assistant Attorney General This is in response to your request for "information or advice on the minimum number of individuals that need to be present at Nebraska Investment Council Meeting to conduct business." You have related that the Investment Council is "operating with three quorum members being present to take action" and the Council questions whether or not this is the proper course of action. Generally, it is our view that the presence of four members is necessary to constitute a quorum for a meeting of the Investment Council. The Investment Council is established under the provisions of the Nebraska State Funds Investment Act, Neb. Rev. Stat. §§ 72-1237 to 72-1260 (Cum. Supp. 1994 and 1996 Neb. Laws 847) (the "Act"), to establish policies to govern the methods, practices, and procedures followed by the state investment officer for the investment and reinvestment of state funds. See Neb. Rev. Stat. § 72-1239 (Cum. Supp. 1994 and 1996 Neb. Laws 847). There are seven members of the Council including five members appointed by the Governor and two non-voting ex officio members, the State Treasurer and the director of the Nebraska Public Employees Retirement Systems. Neb. Rev. Stat. § 72-1237 (Cum. Supp. 1994 and 1996 Neb. Laws 847). The provisions of the Act do not specify the number of members required to constitute a quorum nor to conduct business at a meeting of the Council. Thus, it is appropriate to apply the common law rule, that is, a majority of all members of a board or commission shall constitute a quorum and a majority of the quorum, qualified to act, may decide to take action in the absence of statutory provisions to the contrary. Petition of Kinscherff, 89 N.M. 669, 556 P.2d 355 (1976); Federal Trade Commission v. Flothill Products, Inc., 389 U.S. 179, 88 S.Ct. 401, 19 L.Ed.2d 398 (1967); Kaiser v. Real Estate Com'n of Dist. of Columbia, 155 A.2d 715 (Munic. Ct. App., D.C...