§ 376.1. Pennsylvania Economic Development Financing Authority; board of directors
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 376.1
§ 376.1. Pennsylvania Economic Development Financing Authority; board of directors
(1) Seven members to be appointed by the Governor, with the advice and consent of the Senate, who shall represent the general public and the public interest. The members initially appointed shall serve for terms of two, three and four years, respectively, from the date of their appointment and until their respective successors shall be duly appointed and qualified, the term of each appointed member to be designated by the Governor at the time of his appointment. Initially, three members shall be appointed for terms of four years; two members shall be appointed for terms of three years; and two members shall be appointed for terms of two years. The terms of all of their successors shall be four years each, except that any person appointed to fill a vacancy shall serve only for the unexpired term, and any appointed member shall be eligible for reappointment.
(4) The Secretary of Community Affairs or his designee.1
(7) One member to be appointed by the Majority Leader of the Senate, one member to be appointed by the Minority Leader of the Senate, one member to be appointed by the Majority Leader of the House of Representatives and one member to be appointed by the Minority Leader of the House of Representatives. All members shall serve at the pleasure of the appointing authority.
(d) The financing board shall provide for the holding of regular and special meetings. A majority of the members of the financing board shall constitute a quorum for the transaction of any financing authority business. No vacancy on the financing board shall impair the right of a quorum of the members of the financing board to exercise the powers and perform the duties of the financing authority.
(f) The financing authority may be dissolved by law provided that the financing authority has no bonds or other debts or obligations outstanding or that provision has been made for the payment or retirement of all such bonds, debts and obligations. Upon the dissolution of the financing authority, all property, funds and assets of the financing authority shall be vested in the Commonwealth.
Credits
1967, Aug. 23, P.L. 251, § 6.1, added 1987, July 10, P.L. 273, No. 48, § 3, imd. effective. Amended 1993, Dec. 17, P.L. 490, No. 74, § 7, imd. effective.
Footnotes
71 P.S. § 1709.1101 provides that, in place of the membership of the Secretary of Community Affairs on the board of directors of the Pennsylvania Economic Development Financing Authority under subsec. (b)(4) of this section, the Governor shall make an additional appointment under subsec. (b)(1) of this section.
73 P.S. § 376.1, PA ST 73 P.S. § 376.1
Current through 2023 Regular Session Act 1. Some statute sections may be more current, see credits for details.
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