Section 125.2615 - Board of directors; appointment; terms; expiration of term; compensation and expenses.
ENTERPRISE COMMUNITY DEVELOPMENT CORPORATION ACT (EXCERPT)
Act 123 of 1995
125.2615 Board of directors; appointment; terms; expiration of term; compensation and expenses.
Sec. 15.
(1) The board of directors shall be appointed for staggered terms as prescribed by an ordinance of the municipality.
(2) A director whose term of office has expired shall continue to hold office until the chief executive officer appoints the director's successor, with the approval of the municipality's governing body.
(3) A director shall serve without compensation, but may be reimbursed for the actual expenses incurred in the performance of his or her official duties.
History: 1995, Act 123, Imd. Eff. June 30, 1995