2006 Kentucky Revised Statutes - .015   Creation of West Kentucky Corporation -- Purpose -- Interim board of directors.

154.85-015 Creation of West Kentucky Corporation -- Purpose -- Interim board of directors. (1) The West Kentucky Corporation is hereby created and established as an independent, de jure municipal corporation and political subdivision of the Commonwealth which shall be a public body corporate and politic, and shall be deemed a public agency within the meaning of KRS 61.805 and 61.870. (2) The corporation is created and established to exercise and to perform those functions and activities as specified in KRS 154.85-001 to 154.85-085 for the purpose of improving the economic well-being of the people of the region, and otherwise promote and enhance the health and welfare of the people of the region by developing or assisting in projects aimed at creating new job opportunities and to assist existing regional industries or businesses in expanding employment opportunities within the region. (3) Upon July 14, 1992, and until October 1, 1992, the board of directors of the corporation shall consist of twenty-one (21) persons appointed by the Governor of the Commonwealth of Kentucky. These appointments shall be terminated on October 1, 1992, at which time and thereafter the corporation's board of directors shall be comprised as specified in KRS 154.85-025. (4) The interim board of directors as specified in subsection (3) of this section shall be authorized to elect a temporary chairman, vice chairman, secretary, and treasurer, to prepare bylaws, and to conduct any business necessary to the establishment and organization of the corporation. The interim board shall not be authorized to issue bonds or to initiate any project which shall obligate current or future funds and resources of the corporation. Effective: July 14, 1992 History: Created 1992 Ky. Acts ch. 177, sec. 2, effective July 14, 1992.