(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 treasurer from among its members and shall employ a manager who shall hold office at the Authority's pleasure and who, unless he or she 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 with the approval of the Governor. 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) The Authority shall establish the Agricultural Finance Program Advisory Panel of five members, consisting of two present members of the Authority and three members, who shall be residents of the State of Vermont, selected by the Chair of the Authority. A quorum shall consist of three members. The Panel may act by majority vote of the members present and voting. The Panel shall review the preliminary disposition of applications for loans submitted under the agricultural finance programs of chapter 16 of this title, when so requested by the applicant or by the manager of the Authority. If the Panel determines that an application should be submitted to the members, or if the Panel is in disagreement about the appropriate disposition of an application, the application and the panel's recommendation shall be submitted to the Authority at its next regularly scheduled meeting. The Advisory Panel shall also provide advice to the Authority regarding the policies, practices and procedures for the operation of the agricultural programs.

(e) Appointed members of the Authority and the Advisory Panel 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) The Authority shall study and report back to the Legislature no later than January 15, 1989 on the feasibility of hiring full-time counsel in lieu of retaining outside counsel. (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.)