The public purpose shall be limited to the promotion and development of commercial, industrial, and manufacturing enterprises, to promote and encourage employment in the public welfare.
The Corporation shall keep correct and complete books and records of account and shall also keep minutes of the proceedings of its Board of Directors and committees having the authority of the Board of Directors. All books and records of the Corporation may be inspected by the director or the director’s agent or attorney for proper purpose at reasonable time; and at all times the City Council will have access to the books and records of the Corporation. The City shall be entitled to approve all programs and expenditures of the Corporation and annually review their financial statements.
At the meetings of the Board of Directors, matters pertaining to the purposes of the Corporation shall be considered in such order as from time to time the Board of Directors may determine.
At all meetings of the Board of Directors, the president shall preside, and in the absence of the president, the vice president shall exercise the powers of the president.
The secretary of the Corporation shall act as secretary of all meetings of the Board of Directors, but in the absence of the secretary, the presiding officer may appoint person to act as secretary of the meeting.
5 members appointed by the council – 18 years or older, eligible to be a qualified elector for the City of Texarkana, Texas