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House Journal: Page 1246: Friday, April 3, 1998

37   this division.
38     2.  The corporation shall be governed by a board of
39   seven directors who shall serve a term of four
40   Of the seven directors, four shall be persons
41   experienced in business finance and employed at a bank
42   or other financial institution, be a certified public
43   accountant, be an attorney, or be a licensed
44   stockbroker.  Each director shall serve at the
45   pleasure of the governor and shall be appointed by the
46   governor, subject to confirmation by the senate
47   pursuant to section 2.32.  A director is eligible for
48   reappointment.  A vacancy on the board of directors
49   shall be filled in the same manner as an original
50   appointment.

Page 2  

 1     3.  The board of directors shall annually elect one
 2   member as chairperson and one member as secretary.
 3   The board may elect other officers of the corporation
 4   as necessary.  Members shall be reimbursed for
 5   necessary expenses incurred in the performance of
 6   duties from funds appropriated to the corporation.
 7     4 3.  Each director of the corporation shall take
 8   an oath of office and the record of each oath shall be
 9   filed in the office of the secretary of state.
10     5 4.  The corporation shall receive information
11   cooperate with other agencies of the state and the
12   political subdivisions of the state.
13     Sec. ___.  Section 15E.85, Code 1997, is amended to
14   read as follows:
15     15E.85  BOARD OF DIRECTORS.
16     The powers of the corporation are vested in and
17   shall be exercised by the board of directors.  Four
18   members of the board constitute a quorum and an
19   affirmative vote of at least four of the members
20   present at a meeting is necessary before an action may
21   be taken by the board.  An action taken by the board
22   shall be authorized by resolution at a regular or
23   special meeting and takes effect immediately unless
24   the resolution specifies otherwise.  Notice of a
25   meeting shall be given orally or in writing not less
26   than forty-eight hours prior to the meeting.
27     Sec. ___.  Section 15E.87, Code 1997, is amended to
28   read as follows:
30     The purpose of the corporation is to stimulate and
31   encourage the development of new products within Iowa
32   by the infusion of financial aid for invention and
33   innovation in situations in which financial aid would
34   not otherwise be reasonably available from commercial
35   sources.  For this purpose the corporation has the
36   following powers:

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