| 3.__Board of directors.__The board of directors of a nonprofit |
corporation formed under this section consists of 7 members. Four |
members representing the public with full voting rights must be |
appointed by the Governor, subject to review and approval by the |
joint standing committee of the Legislature having jurisdiction |
over business and economic development matters and confirmation |
by the Legislature.__The initial terms of the members appointed |
by the Governor pursuant to this subsection begin on the date of |
the corporation's year 2000 annual meeting or on December 31, |
2000, whichever date occurs first.__The terms of the initial |
members must be staggered:__2 members must be appointed to 2-year |
terms and 2 members must be appointed to 3-year terms.__On the |
expiration of a term of any member, a successor must be appointed |
to a 3-year term.__A member serves until a successor is appointed |
and qualified.__A member is eligible for reappointment.__If a |
member is appointed to fill a vacancy in an unexpired term, that |
member may serve only for the remainder of that term until a |
successor is appointed.__An officer, director or employee of a |
nonprofit corporation formed |