Louisiana Revised Statutes 51:2311 – Louisiana Economic Development Corporation; creation; domicile; board of directors; terms; agency
Terms Used In Louisiana Revised Statutes 51:2311
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Louisiana Economic Development Corporation as established in Part II of this Chapter. See Louisiana Revised Statutes 51:2303
- Quorum: The number of legislators that must be present to do business.
A.(1) There is hereby created a body politic and corporate to be known as the Louisiana Economic Development Corporation, hereinafter referred to as the “corporation”. The corporation is hereby constituted a public authority and the exercise by the corporation of the powers conferred by this Chapter shall be deemed to be performance of an essential public function. The corporation shall be exempt from the provisions of Chapter 6 of this Title. The board of directors of the corporation shall be composed of ten members. The board shall consist of the secretary of the Department of Economic Development or a designee and nine members who are appointed by the governor, subject to Senate confirmation, none of whom shall be a public official except for the secretary of the Department of Economic Development or a designee. At least three members of the board shall be minorities and at least two members shall be women.
(2) The board of directors shall be comprised of all of the following:
(a) The secretary of the Department of Economic Development or a designee.
(b) One minority member who is appointed from a list of three private sector individuals submitted by Louisiana-based organizations representing minority business interests.
(c) One member who is appointed from a list of three private sector individuals submitted by the Louisiana Chapter of the AFL-CIO.
(d) One member who is appointed from a list of three private sector individuals submitted by the Louisiana Retailers Association.
(e) One member who is appointed from a list of three private sector individuals submitted by the Louisiana Bankers Association.
(f) One member who is appointed from a list of three private sector individuals employed at community banks submitted by the Louisiana Bankers Association.
(g) One member who is appointed from a list of three private sector individuals submitted by the Society of Louisiana Certified Public Accountants.
(h) One female member who is appointed from a list of three private sector individuals representing women’s business interests.
(i) One member representing the Louisiana venture capital industry or the Louisiana angel investor community.
(j) One member who is appointed from a list of three private sector individuals submitted by and currently serving on the Louisiana Workforce Investment Council Board. B. The secretary of the Department of Economic Development or a designee shall serve a term coterminous with his term in office. The remaining members shall serve four-year terms, except that, of the initial appointments, three shall be for two-year terms, three shall be for three-year terms, and two shall be for four-year terms. Vacancies shall be filled in the manner of original appointment.
C. The domicile of the corporation shall be Baton Rouge, Louisiana.
D. The corporation shall be governed and its corporate powers exercised by the board of directors. The secretary of the Department of Economic Development shall serve as president of the corporation, and he or his designee shall be a member of the board of directors. The undersecretary of the Department of Economic Development shall serve as secretary-treasurer of the board but shall not be a member of the board.
E. A majority of the appointed members of the board, including the secretary, shall constitute a quorum.
F. Members of the board shall serve without compensation, but each member shall be entitled to reimbursement of actual and necessary expenses incurred in the performance of official duties in accordance with state travel regulations.
G. The board shall annually elect a chairman and such other officers as may be deemed necessary.
Acts 1988, No. 888, §1, eff. July 21, 1988; Acts 1992, No. 1092, §1; Acts 1992, No. 1136, §1, eff. Jan. 1, 1994; Acts 1993, No. 954, §1, eff. Jan. 8, 1996; Acts 2001, No. 9, §9, eff. July 1, 2001; Acts 2003, No. 907, §§1 and 2; Acts 2008, No. 743, §7, eff. July 1, 2008; Acts 2018, No. 308, §1.