PUBLIC SAFETY AND WELFARE
COMMUNITY DEVELOPMENT FINANCE AUTHORITY
162-L:3 Board of Directors; Organization.
I. Upon appointment of the members of the board of directors and annually thereafter, the members shall elect, from among the members, a chairman and a vice-chairman and shall designate a secretary-treasurer who need not be a member of the board.
II. The secretary-treasurer shall keep a record of the proceedings of the authority and the board of directors and shall be the custodian of all books, documents, and papers filed with the authority, the minute books of the authority, and its official seal.
III. A majority of the directors shall constitute a quorum, but no power of the authority shall be exercised without a majority vote of the full board of directors. The authority shall employ an executive director; legal, financial, and technical experts; and other persons as it may require. The authority shall determine the qualifications, duties, and compensation of its employees.
Source. 1991, 334:3, eff. June 28, 1991.