§ 15-4-206 - Arkansas Economic Development Commission -- Director. - Arkansas Statutes

15-4-206. Arkansas Economic Development Commission -- Director.

(a) The Director of the Arkansas Economic Development Commission shall be appointed by the Governor with the consent of the Arkansas Economic Development Council and be subject to confirmation by the Senate. The director shall serve at the pleasure of the Governor.

(b) (1) The council shall be charged with the duty of administering the provisions of this act.

(2) By resolution duly adopted, the council may delegate to the director any of the powers or duties vested in or imposed upon it by this act.

(3) These delegated powers and duties may be exercised by the director in the name of the council.

(c) (1) The director shall be a person who shall have had technical training in business administration and economics and not less than three (3) years' practical administrative and field experience in economic and industrial research and development.

(2) He or she shall be custodian of all property held in the name of the Arkansas Economic Development Commission and shall be the ex officio disbursing agent of all funds available for its use.

(3) He or she shall furnish a bond to the state with a corporate surety thereon in the penal sum of ten thousand dollars ($10,000), conditioned that he or she will faithfully perform his or her duties of employment and properly account for all funds received and disbursed by him or her.

(4) An additional disbursing agent's bond shall not be required of the director.

(5) The bond so furnished shall be filed with the Secretary of State and an executed counterpart thereof shall be filed with the Auditor of State.

(d) Notwithstanding his or her primary responsibility, the director may designate one (1) of his or her assistants to receive and disburse funds of the commission. The assistants so designated shall be required to furnish bond with a corporate surety thereon in such amount as shall be determined by the director. This bond, together with such bonds as the director may require of other employees, shall be filed in the office of the commission. The premium on all such bonds shall be paid by the commission.