(A) The executive committee of the board is empowered to perform all duties and responsibilities imposed upon the board and to take any action necessary or proper for the discharge of the board duties and responsibilities, except as provided in this rule.
(B) The following duties and responsibilities may not be delegated to the executive committee:
(1) The final designation of bonds as college savings bonds;
(2) Providing advice and consent regarding the employment of an executive director or voting in regard to employment of the executive director; and
(3) The selection and approval of investment agents for the authority's various college savings programs.
(C) Approved minutes of the executive committee meetings will be reported to the board at the board's next regularly scheduled meeting.
(D) The executive committee may, in its discretion, choose not to exercise any of its delegated powers or duties and may refer any matter within its delegated authority to the full board of the authority for review or action.