Oklahoma § 74-854 - Oklahoma Industrial Finance Authority – Membership Public meetings - Executive sessions

§ 74-854. Oklahoma Industrial Finance Authority – Membership Public meetings - Executive sessions

A. There is hereby created a body corporate and politic,

constituting a public corporation and governmental instrumentality

of this state, to be known and identified as "The Oklahoma

Industrial Finance Authority". Said Authority shall be under the

control of a Board of Directors, to be composed of seven (7) members

appointed by the Governor for overlapping terms, with the advice and

consent of the Senate, one of whom shall be the Director of the

Oklahoma Department of Commerce, representing the state at large.

One member shall be appointed from each congressional district as

the districts were configured in 1960. At least five of the

members, other than the Director of the Oklahoma Department of

Commerce, shall have had at least fifteen (15) years' experience in

banking, mortgage loans or financial management, and the remaining

member shall have demonstrated outstanding ability in business or

industry. Members initially appointed shall continue in office for

terms of from one (1) to six (6) years, respectively, from the date

of their appointment and until their respective successors shall be

duly appointed and qualified, the term of each appointed member to

be designated by the Governor at the time of appointment; but their

successors shall each be appointed for a term of six (6) years,

Oklahoma Statutes - Title 74. State Government

except that any person appointed to fill a vacancy shall serve only

for the unexpired term. Any appointed member of the Authority shall

be eligible for reappointment, and no member shall be removed from

office except for good cause shown.

B. The chair and other officers of the Board shall be elected

annually by the Board from its own membership. Members of the

Authority shall be compensated for their travel expenses pursuant to

the State Travel Reimbursement Act.

C. The State Treasurer shall be an ex officio, nonvoting member

of said Board of Directors, and shall serve without compensation.

All other Board members, excluding the Director of the Oklahoma

Department of Commerce, shall receive a stipend of Three Hundred

Dollars ($300.00) for each Board meeting attended not to exceed

Three Thousand Six Hundred Dollars ($3,600.00) per annum. In

addition, the actual expenses, documented by receipts, incurred by

employees of the Authority for necessary travel and subsistence to

attend Board meetings and to carry out the powers and duties of the

Authority under Section 851 et seq. of this title shall be

reimbursed to such Board member or employee. All such stipends and

expenses must be approved by the Board prior to reimbursement. No

state appropriated monies shall be used for said reimbursement.

D. The meetings of the Board of Directors of the Authority

shall be subject to the Oklahoma Open Meeting Act and the Oklahoma

Open Records Act. Any information submitted to or compiled by the

Authority with respect to the marketing plans, financial statements,

trade secrets or any other commercially sensitive information of

persons, firms, associations, partnerships, agencies, corporations

or other entities shall be confidential, except to the extent that

the person or entity which provided such information or which is the

subject of such information consents to disclosure. Executive

sessions may be held to discuss such materials if deemed necessary

by the Board of Directors.

Added by Laws 1959, p. 500, § 4. Amended by Laws 1985, c. 178, §

73, operative July 1, 1985; Laws 1986, c. 207, § 67, operative July

1, 1986; Laws 1988, c. 88, § 2, emerg. eff. March 30, 1988; Laws

1989, c. 200, § 3, emerg. eff. May 8, 1989; Laws 2002, c. 375, § 22,

eff. Nov. 5, 2002; Laws 2003, c. 229, § 8, emerg. eff. May 20, 2003.