(A) The Board of Directors of the Economic Development Corporation shall be appointed by the mayor with the advice and consent of the City Council. The Board of Directors shall consist of 11 persons, not more than three of whom shall be an officer or employee of the city. The term of office for directors shall be in accordance with Section 4 (2) of Act 338 of the Public Acts of 1974 (as amended), provided, the Secretary of the Board of Directors of the Corporation shall notify in writing to the Mayor of the Corporation’s intention to commence preparation of a project plan and there shall be promptly appointed, in the same manner, to the Corporation’s Board of Directors, two additional Directors representative of neighborhood residents likely to be affected by each such project proposed by the Corporation and whose term of office shall be consistent with the provisions of Section 4 (2) of Act 338.
(B) (1) The Board of Directors shall designate one of its members as chairperson, one of its members as Secretary, and a Treasurer who need not be a member of the Board of Directors, each to be designated for such term for a period of one year. Such officers may succeed themselves in office.
(2) The Chairperson shall preside at meetings of the Board of Directors and may sign and execute all authorized bonds, contracts, checks and other obligations and execute interest coupons with his facsimile signature in the name of the Corporation when so authorized by the Board of Directors. The Chairperson shall do and perform such other duties as may be fixed by the bylaws and from time to time assigned to him by the Board of Directors.
(3) The Secretary shall keep the minutes of all meetings of the Board of Directors, and of all committees thereof, in books provided for that purpose. He shall attend to the giving, serving and receiving of all notices or process of or against the Corporation. He may sign with the Chairperson in the name of the Corporation all bonds, contracts and other obligations authorized by the Board of Directors, and when so ordered, he shall affix the seal of the Corporation thereto. He shall have charge of all books and records which shall at all reasonable times be open to inspection and examination of the Board of Directors or any member thereof, and the City Council, and, in general, perform all the duties incident to his office. The Secretary shall preside at meetings of the Board of Directors in the absence of the Chairperson.
(4) The Treasurer shall have custody of all the funds and securities of the Corporation which may come into his hands or possession. When necessary or proper, he shall endorse in behalf of the Corporation for collection, checks, notes and other obligations, and shall deposit them to the credit of the Corporation in a designated bank or depository. He shall sign all receipts and vouchers for payment made to the Corporation. He shall jointly with such other officer as may be designated by the Board of Directors sign all checks, promissory notes and other obligations of the Corporation when so ordered by the Board of Directors. He shall render a statement of his cash accounts when required by the Board of Directors. He shall enter regularly in the books of the Corporation to be kept by him for the purpose full and accurate accounts of all moneys received and paid by him on account of the Corporation, and shall, at all reasonable times, exhibit his books and accounts to the Board of Directors or any member thereof when so required. He shall perform all acts incidental to the position of Treasurer fixed by the bylaws and as assigned to him from time to time by the Board of Directors. He shall be bonded for the faithful discharge of his duties as Treasurer, the bond to be of such character, form and in such amount as the Board of Directors may require.
(‘68 Code, § 2-1407) (Ord. 517, passed 7-18-77; Am. ord. 570, passed 4-20-81)