1. The powers of the corporation are vested in and shall be exercised by the board of directors. The directors shall serve a term of three years. Each term shall begin and end as provided in section 69.19. No more than a simple majority of the members of the board shall belong to the same political party as provided in section 69.16.
2. The board shall consist of three members appointed as follows:
a. One member appointed by the governor or the governor's designee.
b. One member shall be the treasurer of state or the treasurer's designee.
c. One member shall be a private citizen appointed by the legislative council. This member shall be well qualified and shall have at least five years of experience in a responsible position in a business involved in investing in business concerns.
3. The board shall annually elect one member as chairperson and one member as secretary. The board may elect other officers of the corporation as necessary.
4. Each director of the corporation shall take an oath of office which shall be filed in the office of the secretary of state.
92 Acts, ch 1244, § 31
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