Michigan Compiled Laws
Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168)
Section 447.154 - Board of Directors; Appointment, Qualifications, and Terms of Members; Vacancy; Oath or Affirmation; Reimbursement for Expenses; Election of Chairperson, Vice-Chairperson, Secretary, and Other Officers; Quorum; Majority Vote Suffici...

Sec. 4.
(1) The governing and administrative powers of the authority are vested in a board of directors consisting of 12 members. Three members shall be the director of the department of commerce, the director of the department of agriculture, and the state treasurer. The director of commerce, the director of the department of agriculture, and the state treasurer shall serve as full voting members of the board and may appoint a representative to serve as a voting member in their absence. Nine members shall be appointed by the governor with the advice and consent of the senate.
(2) At least 6 of the members shall be from the private sector. An appointed member of the authority shall be a resident of this state. An appointment to fill a vacancy of an appointed member shall be made in the same manner as the original appointment. Of the 9 members appointed by the governor for a fixed term, 1 shall be appointed from 1 or more nominees of the speaker of the house of representatives and 1 shall be appointed from 1 or more nominees of the senate majority leader.
(3) At least 1 of the appointed members of the board shall be a person of recognized ability and experience in each of the following areas:
(a) Finance.
(b) International trade.
(c) Business management.
(d) Economics.
(e) Agriculture.
(4) Of the original 9 appointed members, 3 members shall be appointed for terms expiring on the third Monday in June, 1986; 3 members shall be appointed for terms expiring on the third Monday in June, 1987; and 3 members shall be appointed for terms expiring on the third Monday in June, 1988. Their respective successors shall be appointed for terms of 3 years from the third Monday in June of the year of appointment. A member shall serve until his or her successor is appointed and qualified.
(5) Before beginning his or her duties, a member of the board shall take and subscribe the constitutional oath of office. A record of each oath or affirmation shall be filed in the office of the secretary of state.
(6) A member of the board is not entitled to compensation for services as a member, but may be reimbursed for all actual and necessary expenses incurred in connection with the performance of duties as a member.
(7) The board annually shall elect 1 of its members as chairperson, 1 of its members as vice-chairperson, and 1 member as secretary. The board may elect other officers as it considers proper. Six members of the board constitute a quorum, and the affirmative vote of the majority of members present at a meeting of the board is necessary and sufficient for an action taken by the board. The affirmative votes of not less than 6 members are necessary for the approval of a resolution authorizing the issuance of bonds under this act.
History: 1986, Act 157, Imd. Eff. July 7, 1986 ;-- Am. 1990, Act 304, Imd. Eff. Dec. 14, 1990

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 447 - Foreign Trade

Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168)

Section 447.151 - Short Title.

Section 447.152 - Definitions.

Section 447.153 - Michigan Export Development Authority; Creation; Budgeting, Procurement, and Related Functions; Purpose of Authority.

Section 447.154 - Board of Directors; Appointment, Qualifications, and Terms of Members; Vacancy; Oath or Affirmation; Reimbursement for Expenses; Election of Chairperson, Vice-Chairperson, Secretary, and Other Officers; Quorum; Majority Vote Suffici...

Section 447.155 - Effect of Vacancy in Membership of Board; Authorization and Effective Date of Action by Board; Delegation of Powers and Duties; Liability or Accountability on Contract, Commitment, or Agreement; Liability for Damage or Injury; Indem...

Section 447.156 - Conducting Business at Public Meeting; Notice; Availability of Writings to Public; Confidentiality.

Section 447.157 - Powers of Authority Generally.

Section 447.158 - Guarantee or Export Insurance for Eligible Export Transaction; Requirements; Fees; Determinations; Condition to Provision of Guarantee or Export Insurance.

Section 447.158a - Grant to Non-Profit Organization; Purposes.

Section 447.159 - Bonds Generally.

Section 447.160 - Bonds and Notes Generally.

Section 447.161 - Bonds or Security Agreement; Resolution; Trustee or Depository.

Section 447.162 - Bonds; Refunding.

Section 447.163 - Proceeds From Sale of Bonds; Application; Export Development Bond Fund as Separate Fund; Investments and Earnings.

Section 447.164 - Tax Exemptions Generally.

Section 447.165 - Additional Tax Exemptions.

Section 447.166 - Insurance Fund; Insurance Pledged as Security.

Section 447.167 - Bonds, Debentures, Notes, or Other Evidence of Indebtedness as Securities; Investment; Deposit.

Section 447.168 - Annual Report; Contents; Examination; Audit.