§ 856. Organization of industrial development agencies. 1. (a) Upon
the establishment of an industrial development agency by special act of
the legislature, the governing body of the municipality for whose
benefit such agency is established shall file within six months after
the effective date of the special act of the legislature establishing
such agency or before the first day of July, nineteen hundred
sixty-nine, whichever date shall be later, in the office of the
secretary of state, a certificate setting forth: (1) the date of passage
of the special act establishing the agency; (2) the name of the agency;
(3) the names of the members and their terms of office, specifying which
member is the chairman; and (4) facts establishing the need for the
establishment of an agency in such municipality.

(b) Every such agency shall be perpetual in duration, except that if
(1) such certificate is not filed with the secretary of state within six
months after the effective date of the special act of the legislature
establishing such agency or before the first day of July, nineteen
hundred sixty-nine, whichever date shall be later, or if (2) at the
expiration of ten years subsequent to the effective date of the special
act, there shall be outstanding no bonds or other obligations
theretofore issued by such agency or by the municipality for or in
behalf of the agency, then the corporate existence of such agency shall
thereupon terminate and it shall thereupon be deemed to be and shall be
dissolved.

(c) On or before March first of each year, the secretary of state
shall prepare a list of agencies which failed to file a certificate in
accordance with provisions of paragraph (a) of this subdivision within
the preceding calendar year and transmit a copy of such list to the
state comptroller and the commissioner of the department of economic
development. On or before March first of each year the commissioner of
the department of economic development shall prepare a list of agencies
which have dissolved pursuant to paragraph (b) of this subdivision or
have ceased to exist pursuant to section eight hundred eighty-two of
this chapter and shall transmit a copy of such list to the state
comptroller.

2. An agency shall be a corporate governmental agency, constituting a
public benefit corporation. Except as otherwise provided by special act
of the legislature, an agency shall consist of not less than three nor
more than seven members who shall be appointed by the governing body of
each municipality and who shall serve at the pleasure of the appointing
authority. Such members may include representatives of local government,
school boards, organized labor and business. A member shall continue to
hold office until his successor is appointed and has qualified. The
governing body of each municipality shall designate the first chairman
and file with the secretary of state a certificate of appointment or
reappointment of any member. Such members shall receive no compensation
for their services but shall be entitled to the necessary expenses,
including traveling expenses, incurred in the discharge of their duties.

3. A majority of the members of an agency shall constitute a quorum.

4. Any one or more of the members of an agency may be an official or
an employee of the municipality. In the event that an official or an
employee of the municipality shall be appointed as a member of the
agency, acceptance or retention of such appointment shall not be deemed
a forfeiture of his municipal office or employment, or incompatible
therewith or affect his tenure or compensation in any way. The term of
office of a member of an agency who is an official or an employee of the
municipality when appointed as a member thereof by special act of the
legislature creating the industrial development agency shall terminate
at the expiration of the term of his municipal office.