15C.4  State participation in the world trade center.
  1.  The state recognizes the nonprofit corporation organized pursuant to the contract ratified by the executive council as the entity that will facilitate the state’s involvement in the construction, operation and marketing of the Iowa world trade center. The board of directors of the nonprofit corporation shall consist of nine members.
  2.  State representation on the nonprofit corporation’s board of directors shall consist of five directors serving six-year terms. The initial directors shall be the five members appointed to the committee pursuant to section 15C.2. Vacancies shall be filled in the same manner as the appointment of the original directors.
  3.  Private representation on the nonprofit corporation’s board of directors shall consist of four directors chosen pursuant to the corporation’s articles of incorporation.
  4.  Amendments to the nonprofit corporation’s articles of incorporation relating to the governance of the corporation shall not be made without all of the following:
  a.  A majority approval of the entire board of directors.
  b.  A majority approval of the five directors appointed to represent the state interests.
  c.  A majority approval by the four directors appointed to represent the private interests.
  5.  The nonprofit corporation shall:
  a.  Provide for the management, operation, and marketing of the state-owned portion of the Iowa world trade center. A fee may be negotiated which will be paid by the state for necessary services provided to or for the state-owned portion. The management, operation, and marketing may be done by entering into a service agreement with a management firm. If such an agreement is entered into, the board of directors shall require periodic reports from the firm on the operation, marketing, costs, and revenues of the state-owned portion.
  b.  Provide for the leasing of space in the state-owned portion to the extent space is available and the leasing of it will fulfill the purposes of the state’s involvement in the Iowa world trade center.
  c.  Use, operate, and market the state-owned portion for the purposes of promoting, developing, maintaining, and expanding export and trade opportunities for agricultural, commercial, and manufactured products and services and other products and services of the state in order to protect and advance the welfare and interests of residents of the state.
  6.  The nonprofit corporation organized pursuant to the contract ratified by the executive council as the entity that will facilitate the state’s involvement in the construction, operation, and marketing of the Iowa world trade center shall not be construed to be a state agency, board, commission, department, or other administrative unit of the state.
85 Acts, ch 33, §504
CS85, §18C.4
C93, §15C.4