15C.4 - STATE PARTICIPATION IN THE WORLD TRADE CENTER.
15C.4 STATE PARTICIPATION IN THE WORLD TRADE
CENTER.
1. The state recognizes the nonprofit corporation organized
pursuant to the contract ratified by the executive council as the
entity that will facilitate the state's involvement in the
construction, operation and marketing of the Iowa world trade center.
The board of directors of the nonprofit corporation shall consist of
nine members.
2. State representation on the nonprofit corporation's board of
directors shall consist of five directors serving six- year terms.
The initial directors shall be the five members appointed to the
committee pursuant to section 15C.2. Vacancies shall be filled in
the same manner as the appointment of the original directors.
3. Private representation on the nonprofit corporation's board of
directors shall consist of four directors chosen pursuant to the
corporation's articles of incorporation.
4. Amendments to the nonprofit corporation's articles of
incorporation relating to the governance of the corporation shall not
be made without all of the following:
a. A majority approval of the entire board of directors.
b. A majority approval of the five directors appointed to
represent the state interests.
c. A majority approval by the four directors appointed to
represent the private interests.
5. The nonprofit corporation shall:
a. Provide for the management, operation, and marketing of
the state-owned portion of the Iowa world trade center. A fee may be
negotiated which will be paid by the state for necessary services
provided to or for the state-owned portion. The management,
operation, and marketing may be done by entering into a service
agreement with a management firm. If such an agreement is entered
into, the board of directors shall require periodic reports from the
firm on the operation, marketing, costs, and revenues of the
state-owned portion.
b. Provide for the leasing of space in the state-owned
portion to the extent space is available and the leasing of it will
fulfill the purposes of the state's involvement in the Iowa world
trade center.
c. Use, operate, and market the state-owned portion for the
purposes of promoting, developing, maintaining, and expanding export
and trade opportunities for agricultural, commercial, and
manufactured products and services and other products and services of
the state in order to protect and advance the welfare and interests
of residents of the state.
6. The nonprofit corporation organized pursuant to the contract
ratified by the executive council as the entity that will facilitate
the state's involvement in the construction, operation, and marketing
of the Iowa world trade center shall not be construed to be a state
agency, board, commission, department, or other administrative unit
of the state. Section History: Recent Form
85 Acts, ch 33, §504
CS85, § 18C.4
C93, § 15C.4
Referred to in § 15C.3