(a)The Vermont Economic Development Authority is hereby created and established as a body corporate and politic and a public instrumentality of the State. The exercise by the Authority of the powers conferred upon it in this chapter constitutes the performance of essential governmental functions.
(b)The Authority shall have 15 voting members consisting of the Secretary of Commerce and Community Development, the State Treasurer, the Secretary of Agriculture, Food and Markets, the Commissioner of Forests, Parks and Recreation, and the Commissioner of Public Service, each of whom shall serve as an ex officio member, or a designee of any of the aforementioned; and 10 members, who shall be residents of the State of Vermont, appointed by the Governor with the advice and consent of the Senate.
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(a) The Vermont Economic Development Authority is hereby created and established as a body corporate and politic and a public instrumentality of the State. The exercise by the Authority of the powers conferred upon it in this chapter constitutes the performance of essential governmental functions.
(b) The Authority shall have 15 voting members consisting of the Secretary of Commerce and Community Development, the State Treasurer, the Secretary of Agriculture, Food and Markets, the Commissioner of Forests, Parks and Recreation, and the Commissioner of Public Service, each of whom shall serve as an ex officio member, or a designee of any of the aforementioned; and 10 members, who shall be residents of the State of Vermont, appointed by the Governor with the advice and consent of the Senate. The appointed members shall be appointed for terms of six years and until their successors are appointed and qualified. Appointed members may be removed by the Governor for cause and the Governor may fill any vacancy occurring among the appointed members for the balance of the unexpired term.
(c) The Authority shall elect a chair from among its appointed members, and a vice chair and other officers from among its members and shall employ a manager who shall hold office at the Authority’s pleasure and who, unless the individual is a member of the classified service under 3 V.S.A. chapter 13, shall receive such compensation as may be fixed by the Authority. A quorum shall consist of eight members. Members disqualified from voting under section 214 of this title shall be considered present for purposes of determining a quorum. No action of the Authority shall be considered valid unless the action is supported by a majority vote of the members present and voting and then only if at least five members vote in favor of the action.
(d) [Repealed.]
(e) Appointed members of the Authority shall be compensated at the rate of $50.00 a day for time spent in the performance of their duties and they shall be reimbursed for necessary expenses incurred in the performance of their duties.
(f) The State of Vermont reserves the right, at its sole discretion, and at any time, to alter or change the structure, organization, programs, or activities of the Authority, including the power to terminate the Authority, subject to any limitation on the impairment of contracts entered into by the Authority.
(g) Any net earnings of the Authority, beyond that necessary for retirement of the indebtedness or to implement the public purposes or programs of the State of Vermont, shall not inure to the benefit of any person other than the State of Vermont.
(h) Upon dissolution of the Authority, title to all property owned by the Authority shall vest in the State of Vermont.
(i) [Repealed.] (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 2, eff. March 27, 1975; 1975, No. 187 (Adj. Sess.), § 7; 1977, No. 52, § 2, eff. April 22, 1977; 1987, No. 203 (Adj. Sess.), § 1, eff. May 27, 1988; 1989, No. 199 (Adj. Sess.), § 1; 1993, No. 89, § 3(a), eff. June 15, 1993; 1995, No. 190 (Adj. Sess.), § 1(a); 2003, No. 42, § 2, eff. May 27, 2003; 2013, No. 87, § 6, eff. June 17, 2013; 2023, No. 53, § 5, eff. June 8, 2023; 2025, No. 26, § 1, eff. July 1, 2025.)