§163D-3  Agribusiness developmentcorporation; board of directors; established.  (a)  There is establishedthe agribusiness development corporation, which shall be a public bodycorporate and politic and an instrumentality and agency of the State.  The corporationshall be headed by a board of directors.  The corporation shall be placedwithin the department of agriculture for administrative purposes, but thecorporation may later incorporate as a nonprofit corporation if this provesdesirable to further its objectives; provided that such reorganization as anonprofit corporation shall not adversely affect the federal tax status of theinterest on any bonds issued to finance any project or project facility.

(b)  The board of directors of the corporationshall consist of eleven voting members, of whom eight shall be appointed by thegovernor.  The terms of these eight members shall be four years; provided that,commencing on July 1, 2005, the governor shall reduce the terms of thoseinitially appointed so as to provide, as nearly as can be, for the expirationof an equal number of terms at intervals of one year.  The eight members shallbe selected on the basis of their knowledge, experience, and proven expertisein small and large businesses within the agricultural industry, agriculturaleconomics, banking, real estate, finance, promotion, marketing, andmanagement.  Of these eight members, one shall be from the city and county ofHonolulu, one shall be from the county of Hawaii, one shall be from the county ofMaui, one shall be from the county of Kauai, and four shall be appointedat-large.  The director of business, economic development, and tourism; thechairperson of the board of agriculture; and the chairperson of the board ofland and natural resources, or their designated representatives, shall beex-officio, voting members of the board.  All members shall continue in officeuntil their respective successors have been appointed and qualified.  The boardshall annually elect its chairperson from among its members; provided that thechairperson shall not be an ex-officio member.

(c)  The members of the board shall servewithout compensation, but shall be reimbursed for actual expenses incurred inthe performance of their duties.

(d)  The board shall appoint an executivedirector, who shall serve at the pleasure of the board and shall be exempt fromchapter 76.  The salary of the executive director shall be set by the board.

(e)  The board, through its executive director,may appoint officers, agents, and employees; prescribe their duties andqualifications; and fix their salaries, without regard to chapter 76. [L 1994,c 264, pt of §1; am L 1998, c 111, §5 and c 176, §5; am L 1999, c 117, §§1, 3,6(1); am L 2000, c 253, §150; am L 2001, c 213, §§2, 3; am L 2003, c 91, §§1 to3; am L 2004, c 29, §2]