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



(b)  The board of directors of the corporation
shall consist of eleven voting members, of whom eight shall be appointed by the
governor.  The terms of these eight members shall be four years; provided that,
commencing on July 1, 2005, the governor shall reduce the terms of those
initially appointed so as to provide, as nearly as can be, for the expiration
of an equal number of terms at intervals of one year.  The eight members shall
be selected on the basis of their knowledge, experience, and proven expertise
in small and large businesses within the agricultural industry, agricultural
economics, banking, real estate, finance, promotion, marketing, and
management.  Of these eight members, one shall be from the city and county of
Honolulu, one shall be from the county of Hawaii, one shall be from the county of
Maui, one shall be from the county of Kauai, and four shall be appointed
at-large.  The director of business, economic development, and tourism; the
chairperson of the board of agriculture; and the chairperson of the board of
land and natural resources, or their designated representatives, shall be
ex-officio, voting members of the board.  All members shall continue in office
until their respective successors have been appointed and qualified.  The board
shall annually elect its chairperson from among its members; provided that the
chairperson shall not be an ex-officio member.



(c)  The members of the board shall serve
without compensation, but shall be reimbursed for actual expenses incurred in
the performance of their duties.



(d)  The board shall appoint an executive
director, who shall serve at the pleasure of the board and shall be exempt from
chapter 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 and
qualifications; 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 to
3; am L 2004, c 29, §2]