Be it further enacted, etc., that the Board of Liquidation, City Debt, established by Act No. 133, of the Acts of 1880, as now constituted, is hereby created a body corporate, with right of existence and succession as provided by law, with power to sue and be sued, to have a corporate seal, to make reasonable rules and regulations for the conduct of its business, and to employ counsel and a reasonable clerical force. None of its members shall receive any compensation for his services. The syndicate members of the Board of Liquidation, City Debt, and its ex officio members, the mayor of the city of New Orleans and Councilmen at large shall not be individually liable for any act or omission resulting in damage or injury, arising out of the exercise of their judgment in the formation and implementation of policy or arising out of the direction or management of the affairs of the Board of Liquidation, City Debt, in good faith and within the scope of their official functions and duties, unless such damage or injury was caused by the willful or wanton misconduct of such members. One of its members shall be elected president, and another vice-president, who shall act in the absence or disability of the president. They shall select a secretary (not a member of the board), who shall give bond for the faithful performance of his duties in the sum of twenty thousand dollars, and this bond shall be renewed every three years. He shall receive a salary to be fixed by the board and shall serve at the pleasure of the board. Their funds shall be deposited with the fiscal agent of the city of New Orleans, or with some chartered bank in the city of New Orleans selected by the board. The city of New Orleans shall provide, in the city hall or elsewhere, proper offices and quarters for said board and its officers, books, records, and archives. The clerical office expenses, counsel fees, and the cost of printing and engraving bonds under this Act shall be paid from said tax fund. On the first of January and July of each year, said board shall make, in printed form, to the city council, a detailed report of all its receipts and all its expenditures, and of its transactions and doings under the provisions of this Act, with the names of all its employees, and the amount of compensation paid to each. Nothing in this Act contained shall be construed to affect or change in any manner the duties, powers, and functions of the Board of Liquidation, City Debt, under existing laws, not inconsistent with this Act, or the rights of said board to the assets and property of the city not dedicated to public use, including the uncollected taxes prior to 1879; but said duties, functions, rights, and powers are maintained and confirmed in full force.

           Added by Acts 1927, Ex.Sess., No. 3, §9, adopted April 17, 1928. Amended by Acts 1979, No. 307, §1, eff. July 10, 1979; Acts 1988, No. 308, §1, eff. July 7, 1988; Acts 1988, No. 407, §1, eff. July 10, 1988.