PART II. LOUISIANA ECONOMIC

DEVELOPMENT CORPORATION

§2311. Louisiana Economic Development Corporation; creation; domicile; board of directors; terms; agency

            A.(1) There is hereby created a body politic and corporate to be known as the Louisiana Economic Development Corporation, hereinafter referred to as the "corporation". The corporation is hereby constituted a public authority and the exercise by the corporation of the powers conferred by this Chapter shall be deemed to be performance of an essential public function. The corporation shall be exempt from the provisions of Chapter 6 of this Title. The board of directors of the corporation shall be composed of ten members. The board shall consist of the secretary of Louisiana Economic Development or a designee and nine members who are appointed by the governor, subject to Senate confirmation, none of whom shall be a public official except for the secretary of Louisiana Economic Development or a designee. At least three members of the board shall be minorities, and at least two members shall be women.

            (2) The board of directors shall be comprised of all of the following:

            (a) The secretary of Louisiana Economic Development or a designee.

            (b) One minority business owner or private sector individual representing minority business interests.

            (c) One private sector individual with experience as a startup founder.

            (d) One private sector individual with experience in regional economic development.

            (e) One private sector individual with experience from within a community bank, community development financial institution, or credit union.

            (f) One private sector individual with experience in commercial banking.

            (g) One private sector individual with experience in local economic development.

            (h) One female business owner or private sector individual representing women's business interests.

            (i) One private sector individual with experience in venture or angel investing.

            (j) One private sector individual appointed at large.

            B. The secretary of Louisiana Economic Development or a designee shall serve a term coterminous with his term in office. The remaining members shall serve four-year terms, except that, of the initial appointments, three shall be for two-year terms, three shall be for three-year terms, and two shall be for four-year terms. Vacancies shall be filled in the manner of original appointment. No member shall be eligible to serve more than two terms; however, after the expiration of the term of a member appointed to serve three years or less, two additional terms may be served if appointed thereto. Any appointment to fill a vacancy shall be for the unexpired term. A person appointed to fill a vacancy may be appointed to serve two additional terms. A vacant board position shall not be counted as an active voting member in determining a quorum until a successor has been appointed as provided in this Subsection.

            C. The domicile of the corporation shall be Baton Rouge, Louisiana.

            D. The corporation shall be governed and its corporate powers exercised by the board of directors. The secretary of Louisiana Economic Development shall serve as president of the corporation, and the secretary or his designee shall be a member of the board of directors. The undersecretary of Louisiana Economic Development shall serve as secretary-treasurer of the board but shall not be a member of the board.

            E. A majority of the appointed members of the board, including the secretary, shall constitute a quorum.

            F. Members of the board shall serve without compensation, but each member shall be entitled to reimbursement of actual and necessary expenses incurred in the performance of official duties in accordance with state travel regulations.

            G. The board shall annually elect a chairman and such other officers as may be deemed necessary.

            Acts 1988, No. 888, §1, eff. July 21, 1988; Acts 1992, No. 1092, §1; Acts 1992, No. 1136, §1, eff. Jan. 1, 1994; Acts 1993, No. 954, §1, eff. Jan. 8, 1996; Acts 2001, No. 9, §9, eff. July 1, 2001; Acts 2003, No. 907, §§1, 2; Acts 2008, No. 743, §7, eff. July 1, 2008; Acts 2018, No. 308, §1; Acts 2024, No. 590, §4, eff. June 11, 2024.