§ 856 — Organization of industrial development agencies

§ 856. Organization of industrial development agencies. 1. (a) Upon\nthe establishment of an industrial development agency by special act of\nthe legislature, the governing body of the municipality for whose\nbenefit such agency is established shall file within six months after\nthe effective date of the special act of the legislature establishing\nsuch agency or before the first day of July, nineteen hundred\nsixty-nine, whichever date shall be later, in the office of the\nsecretary of state, a certificate setting forth: (1) the date of passage\nof the special act establishing the agency; (2) the name of the agency;\n(3) the names of the members and their terms of office, specifying which\nmember is the chairman; and (4) facts establishing the need for the\nestablishment of an agency in such municipality.\n (b) Every such agency shall be perpetual in duration, except that if\n(1) such certificate is not filed with the secretary of state within six\nmonths after the effective date of the special act of the legislature\nestablishing such agency or before the first day of July, nineteen\nhundred sixty-nine, whichever date shall be later, or if (2) at the\nexpiration of ten years subsequent to the effective date of the special\nact, there shall be outstanding no bonds or other obligations\ntheretofore issued by such agency or by the municipality for or in\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 (c) On or before March first of each year, the secretary of state\nshall prepare a list of agencies which failed to file a certificate in\naccordance with provisions of paragraph (a) of this subdivision within\nthe preceding calendar year and transmit a copy of such list to the\nstate comptroller and the commissioner of the department of economic\ndevelopment. On or before March first of each year the commissioner of\nthe department of economic development shall prepare a list of agencies\nwhich have dissolved pursuant to paragraph (b) of this subdivision or\nhave ceased to exist pursuant to section eight hundred eighty-two of\nthis chapter and shall transmit a copy of such list to the state\ncomptroller.\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 seven members who shall be appointed by the governing body of\neach municipality and who shall serve at the pleasure of the appointing\nauthority. Such members may include representatives of local government,\nschool boards, organized labor and business. A member shall continue to\nhold office until his successor is appointed and has qualified. The\ngoverning body of each municipality shall designate the first chairman\nand file with the secretary of state a certificate of appointment or\nreappointment of any member. Such members shall receive no compensation\nfor their services but shall be entitled to the necessary expenses,\nincluding traveling expenses, 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 industrial development agency shall terminate\nat the expiration of the term of his municipal office.\n