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37this division.38 2. The corporation shall be governed by a board of 39sevendirectorswho shall serve a term of fouryears. 40Of the seven directors, four shall be persons41experienced in business finance and employed at a bank42or other financial institution, be a certified public43accountant, be an attorney, or be a licensed44stockbroker. Each director shall serve at the45pleasure of the governor and shall be appointed by the46governor, subject to confirmation by the senate47pursuant to section 2.32. A director is eligible for48reappointment. A vacancy on the board of directors49shall be filled in the same manner as an original50appointment.Page 2 13. The board of directors shall annually elect one2member as chairperson and one member as secretary.3The board may elect other officers of the corporation4as necessary. Members shall be reimbursed for5necessary expenses incurred in the performance of6duties 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. 1054. The corporation shall receive information and 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.Four18members of the board constitute a quorum and an19affirmative vote of at least four of the members20present at a meeting is necessary before an action may21be 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: 29 15E.87 CORPORATE PURPOSE - POWERS. 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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