402.201.  Board of trustees created, members, expenses — accounting of funds required — assets not state moneys — immunity from liability, when. — 1.  There is hereby created the "Missouri Family Trust Board of Trustees", which shall be a body corporate and an instrumentality of the state, and which shall be incorporated as a Missouri general not-for-profit corporation.  The board of trustees is authorized to apply for and qualify for recognition as an exempt organization pursuant to Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended.

  2.  The board of trustees shall consist of nine members who are natural persons appointed by the governor with the advice and consent of the senate.  The members' terms of office shall be three years and until their successors are appointed and qualified.  The members shall be persons who are not prohibited from serving by sections 105.450 to 105.482.  The board shall be composed of the following:

  (1)  Three members of the immediate family of persons who have a disability of mental illness.  The department's state advisory council for comprehensive psychiatric services, created pursuant to section 632.020, shall submit a panel of nine proposed members of the board to the governor, from which the governor shall appoint three.  One shall be appointed for a term of one year, one for two years, and one for three years.  Thereafter, as the term of a member of the board appointed under this subdivision expires each year, the state advisory council for comprehensive psychiatric services shall submit to the governor a panel of not less than three nor more than five proposed members of the board of trustees, and the governor shall appoint one member from such panel for a term of three years;

  (2)  Three members of the immediate family of persons who have a developmental disability.  The department's Missouri planning council for developmental disabilities, created pursuant to section 633.020, shall submit a panel of nine proposed members of the board to the governor, from which the governor shall appoint three.  One shall be appointed for a term of one year, one for two years, and one for three years.  Thereafter, as the term of a member of the board appointed under this subdivision expires each year, the Missouri planning council for developmental disabilities shall submit to the governor a panel of not less than three nor more than five proposed members of the board of trustees, and the governor shall appoint one member from such panel for a term of three years; and

  (3)  Three persons recognized for their expertise in general business matters and procedures.  Of the three business persons to be appointed by the governor, one shall be appointed for one year, one for two years, and one for three years.  Thereafter, as the term of a member of the board of trustees appointed under this subdivision expires each year, the governor shall appoint one business person as member for a term of three years.

  3.  As used in subdivisions (1) and (2) of subsection 2 of this section, "immediate family" includes spouse, parents, parents of spouse, children, spouses of children, and siblings.

  4.  No member of the board of trustees shall receive compensation for services as a member of the board.  The board shall reimburse the members of the board for necessary expenses actually incurred in the performance of their duties.

  5.  The board of trustees shall be subject to the provisions of sections 610.010 to 610.029 and is considered a public governmental body under section 610.010.

  6.  The board of trustees shall annually prepare or cause to be prepared an accounting of funds administered by the board and shall transmit a copy of the accounting to the governor, the president pro tempore of the senate and the speaker of the house of representatives.

  7.  The board of trustees shall establish policies, procedures, and other rules and regulations necessary to implement the provisions of sections 402.199 to 402.208.

  8.  The board of trustees is authorized to advise, consult with, coordinate and render services to those departments, agencies, political subdivisions, and governmental instrumentalities of Missouri and of the states adjacent to Missouri, and those not-for-profit organizations that qualify as organizations pursuant to Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, that provide services or support to persons with disabilities who are residents of Missouri or one of the states adjacent to Missouri.

  9.  The assets of the board of trustees shall not be considered state money, assets of the state or revenue for any purposes of the state constitution or statutes.  The property of the board of trustees and its income and operations shall be exempt from all taxation by the state or any of its political subdivisions.

  10.  No trustee or any member of the board of trustees, cotrustee, or successor cotrustee serving pursuant to the provisions of sections 402.200 to 402.208 shall at any time be held liable for any mistake of law or fact, or of both law and fact, or errors of judgment, nor for any loss sustained as a result thereof, unless such trustee, cotrustee, or successor cotrustee acted in bad faith or with reckless indifference to the terms of the trust or the interest of the beneficiary.