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House Journal: Page 1892: Tuesday, April 21, 1998

board or corporation except to the extent provided in this
division.  Chapters 21 and 22 shall apply to activities of the
corporation and to employees of the board or corporation except
to the extent provided in this division.
2.  The corporation shall be governed by a board of seven
directors who shall serve a term of four years.  Of the
seven directors, four shall be persons experienced in business
finance and employed at a bank or other financial institution,
be a certified public accountant, be an attorney, or be a
licensed stockbroker.  Each director shall serve at the pleasure
of the governor and shall be appointed by the governor, subject
to confirmation by the senate pursuant to section 2.32.  A
director is eligible for reappointment.  A vacancy on the board
of directors shall be filled in the same manner as an original
appointment.
3.  The board of directors shall annually elect one member as
chairperson and one member as secretary.  The board may elect
other officers of the corporation as necessary.  Members shall
be reimbursed for necessary expenses incurred in the performance
of duties from funds appropriated to the corporation.
4 3.  Each director of the corporation shall take an
oath of office and the record of each oath shall be filed in the
office of the secretary of state.
5 4.  The corporation shall receive information and
cooperate with other agencies of the state and the political
subdivisions of the state.
Sec. 24.  Section 15E.85, Code 1997, is amended to read as
follows:
15E.85  BOARD OF DIRECTORS.
The powers of the corporation are vested in and shall be
exercised by the board of directors.  Four members of the
board constitute a quorum and an affirmative vote of at least
four of the members present at a meeting is necessary before an
action may be taken by the board.  An action taken by the
board shall be authorized by resolution at a regular or special
meeting and takes effect immediately unless the resolution
specifies otherwise.  Notice of a meeting shall be given orally
or in writing not less than forty-eight hours prior to the
meeting.
Sec. 25.  Section 15E.87, Code 1997, is amended to read as
follows:
15E.87  CORPORATE PURPOSE - POWERS.
The purpose of the corporation is to stimulate and encourage the
development of new products within Iowa by the infusion of
financial aid for invention and innovation in situations in
which financial aid would not otherwise be reasonably available
from commercial sources.  For this purpose the corporation has
the following powers:
1.  To have perpetual succession as a corporate body and to
adopt bylaws, policies, and procedures for the regulation of its
affairs and conduct of its business consistent with the purposes
of this division.
2.  To enter into venture agreements with persons doing
business in Iowa upon conditions and terms which are consistent
with the purposes of this division for the advancement of
financial aid to the persons.  The financial aid advanced shall
be for the development of specific products, procedures, and
techniques which are to be developed and produced in this state.
 The corporation shall condition the agreements upon contractual
assurances that the benefits of increasing or maintaining
employment and tax revenues shall remain in Iowa.

© 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/01800/01892.html
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