Alabama § 41-10-89 Board of Directors of Corporation - Appointment of Additional Members to Board by Governor; Terms of Office, Etc., of Additional Members

Alabama Statutes

§ 41-10-89 — Board of Directors of Corporation - Appointment of Additional Members to Board by Governor; Terms of Office, Etc., of Additional Members

Alabama·Title 41 State Government·Ch. 10 Authorities·Art. 4 State Products Mart and Coliseum Authorities

In the event that there shall be provided to the corporation either by legislative appropriation or by executive allocation from funds of the state either moneys sufficient to pay the cost of necessary preliminary surveys and engineering, architectural or feasibility studies or reports or, in the alternative, one fourth or more of the total cost of constructing the project, then and in either of such events, the number of directors provided for in this article and in the certificate of incorporation of the corporation shall be doubled, and all the additional directors shall be appointed by the Governor for staggered terms of office terminating on the same respective dates as the terms of office of the directors elected by the governing body. The Governor shall likewise appoint the successo

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In the event that there shall be provided to the corporation either by legislative appropriation or by executive allocation from funds of the state either moneys sufficient to pay the cost of necessary preliminary surveys and engineering, architectural or feasibility studies or reports or, in the alternative, one fourth or more of the total cost of constructing the project, then and in either of such events, the number of directors provided for in this article and in the certificate of incorporation of the corporation shall be doubled, and all the additional directors shall be appointed by the Governor for staggered terms of office terminating on the same respective dates as the terms of office of the directors elected by the governing body. The Governor shall likewise appoint the successors to such additional directors.
In all other respects, directors appointed by the Governor and the board, with such directors as members, shall be subject to the other provisions of this chapter respecting the individual directors and the board.

Alabama § 41-10-89 (Board of Directors of Corporation - Appointment of Additional Members to Board by Governor; Terms of Office, Etc., of Additional Members) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.