Bill > LD1516

This bill amends the provisions governing the Board of Directors for the Maine Development Foundation (MDF), a state organization focused on economic development. The key changes modify the term limits and election process for board members. Previously, no director could serve more than 5 consecutive years (except the foundation's president), but now elected directors will be elected to 4-year staggered terms and can serve no more than 2 successive terms. The bill maintains the existing structure of the board, which consists of a minimum of 15 directors, with half elected from the private sector and half from the public sector, and two directors appointed by the Governor from ex officio corporators. The board will continue to elect a chair, vice-chair, and treasurer from among its members, and will separately appoint a president who cannot be selected from the existing board members. When appointed, the president automatically becomes a director and the chief executive officer of the Maine Development Foundation.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1516&snum=132