§ 8053 - Authority; creation and organization
§ 8053. Authority; creation and organization
(a) The Vermont Hydro-electric Power Authority is created and established as a body corporate and politic and a public instrumentality of the state. The exercise by the authority of the powers conferred upon it constitutes the performance of essential governmental functions.
(b) The powers of the authority shall be exercised by seven directors appointed as follows:
(1) Five directors shall be appointed by the governor with the advice and consent of the senate, at least one of whom shall represent retail customers. No director appointed by the governor, while serving as a director, shall be an employee, board member or director, or have a substantial ownership interest in an electric company regulated by the public service board or the department of public service under this title. The directors appointed by the governor shall be appointed for terms of five years and until their successors are appointed and confirmed, except that the first directors shall be appointed in the following manner: one for a term of two years, two for a term of three years, and two for a term of five years. The governor for cause may remove a director appointed by a governor. The governor may fill any vacancy occurring among the directors appointed by a governor for the balance of the unexpired term. A director may be reappointed.
(2) The state treasurer, who shall serve ex officio.
(3) One director shall be a representative of the department of public service, appointed by the commissioner, who shall serve at the pleasure of the commissioner.
(c) The authority shall elect a chair, a vice chair, and a treasurer from among its directors. A quorum shall consist of four directors. No action of the authority shall be considered valid unless the action is supported by a majority vote of the directors present and voting and then only if at least four directors vote in favor of the action.
(d) Directors shall be compensated for necessary expenses incurred in the performance of their duties in the manner provided by section 1010 of Title 32.
(e) The governor or the governor's designee shall have the power to appoint an interim manager upon enactment of this chapter, who shall serve at the governor's pleasure, under the governor's direction, and for compensation established by the governor. The interim manager, with the approval of the governor or the governor's designee, shall have full authority to take all actions authorized under this chapter to protect and advance the interests of the state of Vermont until such time as a manager employed pursuant to section 8054 of this chapter has assumed office.
(f) The authority shall continue so long as it shall have any obligations or indebtedness outstanding and until its existence is terminated by law. Upon termination of the authority, title to all of the property owned by the authority shall vest in the state. The state reserves the right to change or terminate the authority and any structure, organization, program, or activity of the authority, subject to constitutional limitations.
(g) The authority's board of directors shall adopt bylaws or other rules and regulations for the management of the affairs of the authority and carrying out the purposes of this chapter.
(h) The net earnings of the authority, beyond those necessary for retirement of its notes, bonds, or other obligations or indebtedness or to implement the public purposes and programs authorized in this chapter, shall not inure to the benefit of any person other than the state.
(i) Despite any law or charter provision to the contrary, a director or officer of the authority who is also an officer, employee, or member of a legislative body of a municipality or other public body or of the state shall not thereby be precluded from voting or acting on behalf of the authority on a matter involving the municipality or public body or the state. (Added 2003, No. 121 (Adj. Sess.), § 101, eff. June 8, 2004.)