House Bill No. 2783 amends Section 2308 of Title 62 of the Oklahoma Statutes, which pertains to the Board of Directors of the Tobacco Settlement Endowment Trust Fund. The bill specifies that members of the Board will serve at the pleasure of their appointing authority, with a maximum term limit of seven years. This change replaces the previous requirement for staggered terms, thereby allowing for more flexibility in appointments.

Additionally, the bill maintains that Board members will not receive a salary but will be reimbursed for necessary travel expenses in accordance with the State Travel Reimbursement Act until the Board adopts its initial budget. The Board is also tasked with electing a chair and other officers annually, with the stipulation that no member can serve as chair for more than two consecutive years. The initial meeting of the Board will be convened by the Attorney General and the State Treasurer.