(a) The powers of the Authority shall be exercised by a governing board consisting of the members of the Authority acting as a board. Of the seven members appointed to the Board, three shall not be employees of the Government of the Virgin Islands or the Government of the United States and shall be appointed by the Governor with the advice and consent of the Legislature. Three shall be appointed by the Governor from among the heads of cabinet-level executive departments or agencies or his executive staff, and one shall be appointed from the Board or executive staff of the Government Employee Retirement System, Virgin Islands Port Authority, or the University of the Virgin Islands. Of the non-governmental members, one must be a resident of St. Thomas, one must be a resident of St. John, and one must be a resident of the District of St. Croix. Non-governmental members shall be appointed for terms of three years, provided, however, that the first appointments made pursuant to this subsection shall be of individuals currently appointed to and approved by the Legislature as a member of one of the governing bodies being subsumed by the Authority. Any person appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the remainder of such term, provided, however, that each member shall serve until the appointment and confirmation of his successor. Non-government members may be reappointed with the advice and consent of the Legislature and such members may be removed for cause by the Governor. Government members shall serve during the term of their government position at the pleasure of the Governor. No government member, by reason of his service on the Governing Board, shall be paid compensation in addition to his regular government salary. Non-government members shall be compensated at the rate of $50.00 a day for each day or fraction thereof spent in the work of the Authority. All members shall be entitled to reimbursement for, or per diem in lieu of, necessary travel expenses.
(b) All members of the Board shall be learned in and shall have education, experience or expertise in one or more of the following areas: finance, law, economics, accounting, business, banking, or marketing; provided that at least five separate disciplines are represented on the Board and that no person who is currently employed by a bank doing business in the Territory may be appointed as a member of the Board.
(c) Five members of the Board shall constitute a quorum for the purpose of organizing the Authority and conducting the business thereof and for all other purposes, and all actions shall be taken by a vote of the majority.
(d) The Board shall meet and organize as soon as practicable and shall elect a Chairman and Vice-Chairman from among its members, and appoint a Chief Executive Officer of the Authority (CEO), who shall oversee the operations of the Economic Development Authority and shall receive such salary as may be approved by the Commission. The CEO shall be authorized to attend all meetings of the Board but shall not be entitled to vote. The Chief Executive Officer shall select an Assistant Chief Executive Officer of the Economic Development Commission, who shall perform such services as directed by the Chief Executive Officer and shall receive such salary, subject to the approval of the Board.
(e) The Board may appoint such officers, agents, or employees, permanent or temporary, and by contract or otherwise may employ such consulting engineers, superintendents, managers, fiscal, legal and other technical experts, as it may deem necessary, and shall determine their qualifications, duties, tenure and compensation without regard to chapter 25 of title 3. The bylaws of the Authority may provide for the delegation to its Chief Executive Officer or its other officers, agents or employees of such of the powers and duties of the Authority as the Board may deem proper.
(f) The CEO shall be appointed by the Board exclusively upon the basis of merit as determined by technical training, skill, experience, and other qualifications best suited to carrying out the purposes of the Authority. The CEO shall be removable by the Board but only for cause and after notice and an opportunity to be heard.
(g) All property, personnel, records, contracts, leases, rights, franchises and unexpended balances of appropriations and funds of the Economic Development Bank, the EDC, IPDC and the SBDA, including personnel and funds for personnel on the payroll of the Department of Tourism permanently assigned to one of the enumerated entities, are hereby transferred to the Authority; provided that, any personnel so transferred who are found to be in excess of the personnel required for the efficient administration of the functions of the Authority, may be terminated by the Authority.
(h) Any employee of the Government of the Virgin Islands transferred to and retained by the Authority pursuant to subsection (g) of this section shall be credited by the Authority with the amount of accumulated and current accrued annual leave to which he is entitled under local or federal law, as the case may be, and for which leave such employee has not received lump-sum payment.
(i) The Board shall credit employees transferred pursuant to the provisions of subsection (g) of this section with all accumulated sick leave, and shall provide such other benefits equivalent to employees of the Government of the Virgin Islands.