2006 Ohio Revised Code - 150.02. Venture capital authority created.

§ 150.02. Venture capital authority created.
 

(A)  There is hereby created the Ohio venture capital authority, which shall exercise the powers and perform the duties prescribed by this chapter. The exercise by the authority of its powers and duties is hereby declared to be an essential state governmental function. The authority is subject to all laws generally applicable to state agencies and public officials, including, but not limited to, Chapter 119. and sections 121.22 and 149.43 of the Revised Code, to the extent those laws do not conflict with this chapter. 

(B)  The authority shall consist of nine members. Seven of the members shall be appointed by the governor, with the advice and consent of the senate, from among the general public. All appointed members shall have experience in the field of banking, investments, commercial law, or industry relevant to the purpose of the Ohio venture capital program as stated in section 150.01 of the Revised Code. The director of development and tax commissioner or their designees shall be ex officio, nonvoting members. 
 

Initial gubernatorial appointees to the authority shall serve staggered terms, with one term expiring on January 31, 2004, two terms expiring on January 31, 2005, two terms expiring on January 31, 2006, and two terms expiring on January 31, 2007. Thereafter, terms of office for all appointees shall be for four years, with each term ending on the same day of the same month as did the term that it succeeds. A vacancy on the authority shall be filled in the same manner as the original appointment, except that a person appointed to fill a vacancy shall be appointed to the remainder of the unexpired term. Any appointed member of the authority is eligible for reappointment. 
 

A member of the authority may be removed by the member's appointing authority for misfeasance, malfeasance, willful neglect of duty, or other cause, after notice and a public hearing, unless the notice and hearing are waived in writing by the member. 

(C)  Members of the authority shall serve without compensation, but shall receive their reasonable and necessary expenses incurred in the conduct of authority business. The governor shall designate a member of the authority to serve as chairperson. A majority of the voting members of the authority constitutes a quorum, and the affirmative vote of a majority of the voting members present is necessary for any action taken by the authority. A vacancy in the voting membership of the authority does not impair the right of a quorum to exercise all rights and perform all duties of the authority. 

(D)  The department of development shall provide the authority with office space and such technical assistance as the authority requires. 
 

HISTORY: 149 v S 180. Eff 4-9-2003.