§ 122D-4. North Carolina Agricultural Finance Authority.
§ 122D‑4. NorthCarolina Agricultural Finance Authority.
(a) The North CarolinaAgricultural Finance Authority, a body politic and corporate, is hereby createdwithin the Department of Agriculture and Consumer Services. The Authority shallbe constituted a public agency and an instrumentality of the State for theperformance of essential public functions.
(b) The Authority shallbe composed of 10 members appointed to three‑year terms as follows:
(1) One member appointedby the Governor to a term that expires on 1 July of years that precede by oneyear those years that are evenly divisible by three.
(2) One member appointedby the Governor to a term that expires on 1 July of years that are evenlydivisible by three.
(3) One member appointedby the Governor to a term that expires on 1 July of years that follow by oneyear those years that are evenly divisible by three.
(4) One member appointedby the General Assembly upon the recommendation of the President Pro Tempore ofthe Senate to a term that expires on 1 July of years that precede by one yearthose years that are evenly divisible by three.
(5) One member appointedby the General Assembly upon the recommendation of the President Pro Tempore ofthe Senate to a term that expires on 1 July of years that are evenly divisibleby three.
(6) One member appointedby the General Assembly upon the recommendation of the President Pro Tempore ofthe Senate to a term that expires on 1 July of years that follow by one yearthose years that are evenly divisible by three.
(7) One member appointedby the General Assembly upon the recommendation of the Speaker of the House ofRepresentatives to a term that expires on 1 July of years that precede by oneyear those years that are evenly divisible by three.
(8) One member appointedby the General Assembly upon the recommendation of the Speaker of the House ofRepresentatives to a term that expires on 1 July of years that are evenlydivisible by three.
(9) One member appointedby the General Assembly upon the recommendation of the Speaker of the House ofRepresentatives to a term that expires on 1 July of years that follow by oneyear those years that are evenly divisible by three.
(10) The Commissioner orthe Commissioner's designee shall serve ex officio, with the same rights andprivileges, including voting rights, as other members.
(c) A member appointedunder subdivisions (1) through (9) of subsection (b) of this section may bereappointed to no more than two successive three‑year terms. Upon theexpiration of a three‑year term, a member shall continue to serve until asuccessor is appointed and duly qualified as provided by G.S. 128‑7.
(d) Vacancies in theoffices of any appointed members of the Authority shall be filled in accordancewith G.S. 120‑122 for the remainder of the unexpired term. No vacantoffice shall be included in the determination of a quorum. No vacancy in officeshall impair the rights of the members to exercise all rights and to conductofficial business of the Authority.
(e) The domicile of theAuthority shall be the City of Raleigh.
(f) A majority of themembers shall constitute a quorum for the transaction of official business. Allofficial actions of the Authority shall require an affirmative vote of amajority of the members present and voting at any meeting.
(g) Members of theAuthority shall not receive any salary for the performance of their duties asmembers. Appointed members may receive per diem and necessary travel andsubsistence expenses in accordance with the provisions of G.S. 138‑5.
(h) The Authority shallmeet quarterly and may meet more frequently upon call.
(i) The Authority maydelegate to one or more of its members, officers, employees or agents suchpowers and duties as it may deem proper. (1983, c. 789, s. 1; 1985, c. 583, s. 2; 1985 (Reg.Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e); 1989 (Reg. Sess., 1990),c. 1074, s. 32(b); 1995, c. 490, s. 4; 1997‑261, s. 109; 2004‑195,s. 5.1.)