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House Journal: Page 1861: Tuesday, April 21, 1998

40   provide seed capital or financial assistance to Iowa
41   businesses.  The corporation shall not be regarded as
42   a state agency, except for purposes of chapters 17A
43   and 69, and a member of the board is not considered a
44   state employee, except for purposes of chapter 669.
45   An individual employed by the corporation is a state
46   employee for purposes of the Iowa public employees'
47   retirement system, state health and dental plans, and
48   other state employee benefit plans and chapter 669.
49   Chapters 8, 18, 19A, and 20 and other provisions of
50   law that relate to requirements or restrictions

Page 21

 1   dealing with state personnel or state funds do not
 2   apply to the corporation and any employees of the
 3   board or corporation except to the extent provided in
 4   this division.  Chapters 21 and 22 shall apply to
 5   activities of the corporation and to employees of the
 6   board or corporation except to the extent provided in
 7   this division.
 8     2.  The corporation shall be governed by a board of
 9   seven directors who shall serve a term of four
years.
10   Of the seven directors, four shall be persons
11   experienced in business finance and employed at a bank
12   or other financial institution, be a certified public
13   accountant, be an attorney, or be a licensed
14   stockbroker.  Each director shall serve at the
15   pleasure of the governor and shall be appointed by the
16   governor, subject to confirmation by the senate
17   pursuant to section 2.32.  A director is eligible for
18   reappointment.  A vacancy on the board of directors
19   shall be filled in the same manner as an original
20   appointment.
21     3.  The board of directors shall annually elect one
22   member as chairperson and one member as secretary.
23   The board may elect other officers of the corporation
24   as necessary.  Members shall be reimbursed for
25   necessary expenses incurred in the performance of
26   duties from funds appropriated to the corporation.
27     4 3.  Each director of the corporation shall take
28   an oath of office and the record of each oath shall be
29   filed in the office of the secretary of state.
30     5 4.  The corporation shall receive information
and
31   cooperate with other agencies of the state and the
32   political subdivisions of the state.
33     Sec. 25.  Section 15E.85, Code 1997, is amended to
34   read as follows:
35     15E.85  BOARD OF DIRECTORS.
36     The powers of the corporation are vested in and
37   shall be exercised by the board of directors.  Four
38   members of the board constitute a quorum and an
39   affirmative vote of at least four of the members

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Wed Apr 22 13:40:08 CDT 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01800/01861.html
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