Sec. 32-203. Lower Fairfield County Conference or Exhibition Authority. - Connecticut Statutes

      Sec. 32-203. Lower Fairfield County Conference or Exhibition Authority. (a) There is created a body politic and corporate to be known as the "Lower Fairfield County Conference or Exhibition Authority". Said authority shall be a public instrumentality and political subdivision of this state and the exercise by the authority of the powers conferred by sections 32-200 to 32-212, inclusive, shall be deemed and held to be the performance of an essential public and governmental function. The Lower Fairfield County Conference or Exhibition Authority shall not be construed to be a department, institution or agency of the state.

      (b) The authority shall be governed by a board of directors consisting of nine members, one of whom shall be appointed by the Governor; one of whom shall be appointed by each of the following persons: The president pro tempore, the majority leader and the minority leader of the Senate, and the speaker, the majority leader and the minority leader of the House of Representatives; and two of whom shall be appointed by the mayor of the town and city of Stamford with the approval of the board of representatives. The terms of the representatives of the town and city of Stamford shall be for four years each. The powers of the authority shall be vested in and exercised by the board. Four members of the board shall constitute a quorum and the affirmative vote of a majority of the members present at a meeting of the board shall be sufficient for any action taken by the board. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the board. Any action taken by the board may be authorized by resolution at any regular or special meeting and shall take effect immediately unless otherwise provided in the resolution. Notice of any meeting, whether special or regular, shall be given orally, not less than forty-eight hours prior to the meeting. The board may delegate to three or more of its members, or its officers, agents and employees, such board powers and duties as it may deem proper.

      (c) The chairperson of the board shall be appointed by the Governor, with the advice and consent of both houses of the General Assembly. The board of directors shall annually elect one of its members as vice-chairperson and shall elect other of its members as officers, appoint an executive director, who shall not be a member of the board, and other staff, adopt a budget and bylaws, designate an executive committee, report to the appointing authorities with respect to operations, finances and achievement of its economic development objectives, be accountable to and cooperate with the state whenever, pursuant to sections 32-200 to 32-212, inclusive, the state may audit the authority or the project or at any other time as the state may inquire as to either, including allowing the state reasonable access to the project and to the records of the authority, and exercise the powers set forth in said sections. Members of the board of directors shall receive no compensation for the performance of their duties hereunder but shall be reimbursed for all expenses reasonably incurred in the performance thereof.

      (d) Each member of the board of directors of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars, or, in lieu thereof, the chairperson of the board shall execute a blanket position bond covering each member, the executive director and the employees of the authority, each surety bond to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company authorized to transact business in this state as a surety and to be approved by the Attorney General and filed in the office of the Secretary of the State. The cost of each bond shall be paid by the authority.

      (e) Notwithstanding any provision of the law to the contrary, it shall not constitute a conflict of interest for a trustee, director, partner, officer, stockholder, proprietor, counsel or employee of any person, or for any other individual having a financial interest in any person, to serve as a member of the board of directors of the authority; provided such trustee, director, partner, officer, stockholder, proprietor, counsel, employee or individual shall file with the authority a record of his capacity with or interest in such person and abstain and absent himself from any deliberation, action and vote by the board in specific respect to such person.

      (f) The authority shall have perpetual succession and shall adopt procedures for the conduct of its affairs in accordance with section 32-205. Such succession shall continue as long as the authority shall have bonds, notes or other obligations outstanding and until the existence of the authority is terminated by law at which time the rights and properties of the authority shall pass to and be vested in the state.

      (P.A. 90-320, S. 4, 14.)