§ 158-21. Creation of industrial development commission; membership and terms of office; vacancies; meetings; selection of officers; bylaws and procedural rules and policies; authority of treasurer an - North Carolina Statutes

§ 158‑21.  Creationof industrial development commission; membership and terms of office;vacancies; meetings; selection of officers; bylaws and procedural rules andpolicies; authority of treasurer and required bond; subsidy or investment inbusiness or industry forbidden.

If the majority of the qualified voters voting in such election favorthe levying of such a tax, then and in that event, the county commissioners maycreate a commission to be known as the "Industrial DevelopmentCommission" for said county. Such commission shall be composed of ninemembers. The terms of office of the members of the commission shall be threeyears, with the exception of the first two years' existence of the commission,in which three shall be appointed to serve for a period of one year, three fora period of two years, and three for a period of three years; thereafter, allmembers  shall be appointed for three years, and shall serve until theirsuccessors have been appointed and qualified. All appointments for unexpired termsresulting from resignation, death or other causes, shall be made by the countyboard of commissioners. The commission shall hold its first meeting within 30days after its appointment as provided for in this Article, and the beginningdate of all terms of office of the commissioners shall be the date on which thecommission  holds its first meeting. After the members of the commission shallhave been appointed and at the time of the holding of the first meeting, theyshall, by a majority vote, name and select from their membership their ownchairman, vice‑chairman, secretary and treasurer, and shall draw up andratify their own bylaws and procedural rules and policies. The commissionmember who shall be named treasurer shall have supervision of all fundsadministered by the commission in any way whatsoever; shall sign andcountersign all checks, drafts, bills of exchange, or any and all othernegotiable instruments which shall properly be issued under his supervision;and shall furnish such surety bond as shall be designated by the board ofcounty commissioners. No money, property or funds of the commission hereincreated shall be used directly or indirectly as a subsidy or investment incapital assets in any business, industry or business venture. (1959, c. 212, s. 1.)