(1) (a) There is created within the office the Board of Economic Development, consisting of nine members appointed by the executive director of the office, in consultation with the governor, to four-year terms of office with the advice and consent of the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies. (b) The nine members described in Subsection (1)(a) shall include: (i) one member associated with the state's rural communities; (ii) one member associated with direct entrepreneurship in the state; (iii) one member associated with higher education in the state; (iv) five members, other than the members described in Subsections (1)(b)(i) through (iii), that are associated with a targeted industry; and (v) one at-large member. (c) Notwithstanding the requirements of Subsection (1)(a), the executive director shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is appointed every two years. (d) The members may not serve more than two full consecutive terms except when the executive director determines that an additional term is in the best interest of the state. (2) When a vacancy occurs in the membership for any reason, the replacement shall be appointed for the unexpired term in accordance with Title 63G, Chapter 24, Part 2, Vacancies. (3) A majority of board members, not including a vacancy, constitutes a quorum for conducting board business and exercising board power. (4) The executive director shall select one board member as the board's chair and one member as the board's vice chair. (5) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: (a) Section 63A-3-106; (b) Section 63A-3-107; and (c) rules made by the Division of Finance under Sections 63A-3-106 and 63A-3-107. (6) A member shall comply with the conflict of interest provisions described in Title 63G, Chapter 24, Part 3, Conflicts of Interest.
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