Bill No. 2783 amends Section 2308 of the Oklahoma Statutes regarding the Board of Directors of the Tobacco Settlement Endowment Trust Fund. The key change in the bill is that the terms of the Board members will now be defined as serving at the pleasure of their appointing authority, with a maximum term limit of seven years. This replaces the previous provision that specified staggered terms for the Board members.

Additionally, the bill maintains that Board members will not receive a salary for their service but will be reimbursed for necessary travel expenses in accordance with the State Travel Reimbursement Act until the Board adopts its initial budget. The bill also outlines that the Board will elect a chair and other officers annually, with a limit of two consecutive years for the chair position.