§ 15-4-1008 - Ex officio members of the governing board. - Arkansas Statutes

15-4-1008. Ex officio members of the governing board.

(a) (1) The Director of the Arkansas Economic Development Council, the President of the Arkansas Development Finance Authority, and the President of the Arkansas Science and Technology Authority, or their respective designees, or persons holding similar executive positions in any agency or instrumentality succeeding thereto, or their respective designees, shall be ex officio members of the governing board of each capital development company created under this subchapter during their respective terms of office.

(2) An ex officio member under subdivision (a)(1) of this section may elect not to serve as a member of the governing board of a capital development company. He or she may change the election at any time.

(b) Ex officio members of the governing board shall have all rights, duties, and obligations of other members of the governing board under the company's governing documents.