238.315. Board, members, terms--expense reimbursement--advisors, commission to appoint--officers, appointment of. - Missouri Statutes

Board, members, terms--expense reimbursement--advisors, commissionto appoint--officers, appointment of.

238.315. 1. The corporation shall have a board ofdirectors. All powers of the corporation shall be vested in theboard which shall consist of any number of directors, not lessthan six, each of whom shall be appointed by the commission for aterm of no more than six years. Each director may be removed bythe commission for cause. The terms shall be staggered inlength, so that not more than one-third of the terms of the boardof directors shall expire in a given year. The directors shallserve as such without compensation except that they shall bereimbursed by the corporation for their actual expenses incurredin the performance of their duties.

2. No person shall be appointed or continue to serve on theboard who owns land on which or adjacent to which a project to bedeveloped by the corporation shall be located.

3. The commission shall appoint one or more advisors to theboard, who shall have no vote but shall have authority toparticipate in all board meetings and discussions, whether openor closed, and shall have access to all records of thecorporation and its board of directors.

4. At the first meeting of the board, it shall elect achairman from its members. The board shall appoint an executivedirector, corporation secretary, treasurer and such otherofficers or employees as it deems necessary.

5. The board may appoint any number of advisory directors toadvise and assist the directors in the development of a project.The advisory directors shall serve at the will of the directors,but advisory directors shall have no vote in the affairs of thecorporation, shall not receive any compensation for theirservices, and shall not receive any reimbursement for expensesincurred by them.

(L. 1990 S.B. 479 & 649 § 16)

Effective 5-30-90