§ 553. Organization of urban renewal agencies. 1.
(a)Upon the\nestablishment of a municipal urban renewal agency by special act of the\nlegislature, the mayor of the city or village wherein such agency is\nestablished, or the town board of the town, shall file within six months\nafter the effective date of the special act of the legislature\nestablishing such agency or before the first day of July, nineteen\nhundred sixty-four, whichever date shall be later, in the office of the\nsecretary of state, a certificate signed by him setting forth:
(1)the\neffective date of the special act establishing the agency;
(2)the name\nof the agency;
(3)the names of the members and their terms of office,\nspecifying which member is the chairman; and (4) facts establishing the\nneed for the establish
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§ 553. Organization of urban renewal agencies. 1. (a) Upon the\nestablishment of a municipal urban renewal agency by special act of the\nlegislature, the mayor of the city or village wherein such agency is\nestablished, or the town board of the town, shall file within six months\nafter the effective date of the special act of the legislature\nestablishing such agency or before the first day of July, nineteen\nhundred sixty-four, whichever date shall be later, in the office of the\nsecretary of state, a certificate signed by him setting forth: (1) the\neffective date of the special act establishing the agency; (2) the name\nof the agency; (3) the names of the members and their terms of office,\nspecifying which member is the chairman; and (4) facts establishing the\nneed for the establishment of an agency in such city, town or village.\n (b) Every such agency shall be perpetual in duration, except that if,\nat the expiration of ten years subsequent to the effective date of the\nspecial act, there shall be outstanding no bonds or other obligations\ntheretofore issued by such agency or by the municipality for or on\nbehalf of the agency, then the corporate existence of such agency shall\nthereupon terminate and it shall thereupon be deemed to be and shall be\ndissolved.\n 2. An agency shall be a corporate governmental agency, constituting a\npublic benefit corporation. Except as otherwise provided by special act\nof the Legislature, an agency shall consist of not less than three nor\nmore than five members who shall be appointed by the mayor of a city or\nvillage or the town board of a town and who shall serve at the pleasure\nof the appointing authority. A member shall continue to hold office\nuntil his successor is appointed and has qualified. The mayor of a city\nor village, or the town board of a town, shall designate the first\nchairman. Such members shall receive no compensation for their services\nbut shall be entitled to the necessary expenses, including traveling\nexpenses, incurred in the discharge of their duties.\n 3. A majority of the members of an agency shall constitute a quorum.\n 4. Any one or more of the members of an agency may be an official or\nan employee of the municipality. In the event that an official or an\nemployee of the municipality shall be appointed as a member of the\nagency, acceptance or retention of such appointment shall not be deemed\na forfeiture of his municipal office or employment, or incompatible\ntherewith or affect his tenure or compensation in any way. The term of\noffice of a member of an agency who is an official or an employee of the\nmunicipality when appointed as a member thereof by special act of the\nlegislature creating the municipal urban renewal agency shall terminate\nat the expiration of the term of his municipal office.\n