New Hampshire § 162-L-2 - Section 162-L:2 Community Development Finance Authority.

§ 162-L-2. Section 162-L:2 Community Development Finance Authority.

I. There is hereby established the community development finance authority, a body corporate and politic. The authority is constituted a public instrumentality of the state. The exercise by the authority of the powers conferred by this chapter shall be deemed and held to be the performance of essential governmental functions. The authority shall be a nonprofit corporation organized under RSA 292. II. The authority shall be governed by a board of 11 directors which shall include the commissioner of the department of business and economic affairs or designee, and 10 public members appointed by the governor and council as follows: (a) Four representatives of community development corporations or other nonprofit organizations engaged in community development activities. (b) One representative of organized labor. (c) Two representatives of small business and the financial community. (d) One representative of employment training programs. (e) Two representatives of private financial institutions. III. The 10 appointed members of the board of directors shall serve for 5-year terms. If a vacancy occurs on the board of directors, the governor and council shall appoint a person to serve the remainder of the term. A member of the board of directors may be reappointed. IV. The members of the board of directors shall receive no compensation for their services but shall be reimbursed for actual and necessary expenses, including travel expenses, incurred in performing their duties.