Vermont § 213 - Authority; organization

§ 213. Authority; organization

• (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 (d) [Repealed.]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.)