Okla. Stat. tit. 3, § 3-516: Transfer of Commission members to Board of Directors —

Qualifications and terms — Transfer of personnel to Department.

A. On and after the effective date of this act, the Oklahoma

Aerospace and Aeronautics Commission of the Oklahoma Department of

Aerospace and Aeronautics shall become the Board of Directors of the

Oklahoma Space Industry Development Authority. The qualifications

and terms of office of the Board members shall be identical to the

qualifications and terms of office of the Commission members. On

and after the effective date of this act, persons currently

appointed to the Commission shall also become members of the Board.

The funds of the Department and the Authority shall not be

commingled and shall be separately accounted for, and they shall be

considered and treated as separate legal entities.

B. Each member shall be reimbursed for expenses incurred in the

performance of duties on behalf of the Authority as provided for in

the State Travel Reimbursement Act.

C. Before the issuance of any revenue bonds under the

provisions of the Oklahoma Space Industry Development Act, each

member of the Board shall execute a surety bond in the penal sum of

Twenty-five Thousand Dollars ($25,000.00). Each such surety bond

shall be conditioned upon the faithful performance of the duties of

the member’s office, shall be executed by a surety company

authorized to transact business in this state as surety, and shall

be filed in the Office of the Secretary of State.

D. All personnel of the Authority are hereby transferred to the

Department and shall become employees of the Department. In order

to carry out the mission of the Authority, the Board shall enter

into an agreement with the Oklahoma Department of Aerospace and

Aeronautics to provide the Authority’s administrative and staff

services. The Board may elect to replace or merge any existing

contract for services that the Authority has with an existing

contract that the Oklahoma Department of Aerospace and Aeronautics

has to provide administrative efficiency; provided, that such

contract is for the same or similar service and the funds expended

by each entity can be accounted for.

E. The Director of the Oklahoma Department of Aerospace and

Aeronautics shall serve as the chief executive officer of the

Oklahoma Space Industry Development Authority.