2006 Minnesota Code
Chapters 116R - 116U Business Development
Chapter 116S Minnesota Business Finance, Inc.
Section 116S.03 CORPORATE PERSONNEL.
116S.03 CORPORATE PERSONNEL.
Subdivision 1. Generally. The board shall appoint and set the compensation for the executive
director, who serves as chief executive officer of the corporation. The executive director's
compensation may not exceed 95 percent of the salary of the governor set under section
15A.082.
The board may designate the executive director as its general agent. Subject to the approval of the
board, the executive director shall employ staff consultants and other agents necessary to carry
out the mission of the corporation.
Subd. 2. Status of employees. Employees, officers, and directors of the corporation are not
state employees, but are covered by section
3.736 and, at the option of the board, may participate
in the state retirement plan, the state deferred compensation plan for employees in the unclassified
service, and an insurance plan administered by the commissioner of employee relations.
History: 1993 c 177 s 4
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