(a) Annually and at such other times as may be deemed appropriate by the Board of Directors of the Arkansas Development Finance Authority, the board shall elect from the public members of the board appointed by the Governor one (1) of its members as chair and one (1) of its members as vice chair.
(b) The board shall also employ a president who shall serve at the will of the Governor.
(c) The board shall in consultation with the Secretary of the Department of Commerce appoint and employ such additional officers, accountants, financial advisors or experts, bond counsel, or other attorneys, agents, and employees as it may require and shall determine their qualifications, duties, and compensation. Periodically, the Arkansas Development Finance Authority will review selection of bond counsel or other attorneys to ensure that legal representatives are selected in a manner that will provide the authority with competent, economical legal representation that furthers the best interest of the authority.
(d) The President of the Arkansas Development Finance Authority shall be an ex officio nonvoting member of the board and may be elected secretary of the board.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 5 - Arkansas Development Finance Authority
Subchapter 2 - Arkansas Development Finance Authority Act — Administration
§ 15-5-201. Creation of authority
§ 15-5-202. Board of directors — Members
§ 15-5-203. Board officers and employees
§ 15-5-204. Prohibition on personal interests in contracts
§ 15-5-207. Rights, powers, privileges, and duties of authority — Definitions
§ 15-5-208. Services of public entities to authority — Expenses
§ 15-5-209. Disposition and use of funds
§ 15-5-211. Dissolution of the authority
§ 15-5-212. Approval of Legislative Council for certain matters