RS 51:2311     

PART II.  LOUISIANA ECONOMIC

DEVELOPMENT CORPORATION

§2311.  Louisiana Economic Development Corporation; creation; domicile; board of directors; terms; agency

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 twelve members. The board shall consist of the secretary of the Department of Economic Development or a designee and eleven 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 members of the board of directors are:

(a)  The secretary of the Department of Economic Development or a designee.

(b)  One member who is appointed from a list of three private sector individuals nominated by the Louisiana Business League, or one minority member appointed from the Louisiana business community at large.

(c)  One member who is appointed from a list of three private sector individuals appointed 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 submitted by the Community Bankers Association.

(g)  One member who is appointed from a list of three private sector individuals submitted by the Louisiana Society of Certified Public Accountants.

(h)  One member who is appointed from a list of three private sector individuals submitted by the Louisiana members of the National Association of Security Dealers.

(i)  One female member who is appointed from a list of three private sector individuals representing women’s business interests.

(j)  Repealed by Acts 2003, No. 907, §2.

(k)  One member representing the venture capital industry.

(l)  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.