{"data":{"id":"us-ky/krs-198a.030","jurisdiction":"us-ky","citation":"KRS 198A.030","heading":"Kentucky Housing Corporation established -- Board of directors --","body":"Officers of corporation and duties.\n(1) There is hereby created and established an independent, de jure municipal\ncorporation and political subdivision of the Commonwealth which s hall be a public\nbody corporate and politic to be known as the Kentucky Housing Corporation.\n(2) The Kentucky Housing Corporation is created and established as a de jure\nmunicipal corporation and political subdivision of the Commonwealth to perform\nessential governmental and public functions and purposes in improving and\notherwise promoting the health and general welfare of the people by the production\nof residential housing in Kentucky.\n(3) The corporation shall be governed by a board of directors, consist ing of fifteen (15)\nmembers, five (5) of whom shall be the Commissioner of Agriculture, the secretary\nof the Finance and Administration Cabinet, the commissioner of the Department for\nLocal Government, the Attorney General, and the secretary of the Cabinet  for\nEconomic Development, or their duly appointed designees, as public directors, and\nten (10) private directors who shall be appointed by the Governor, subject to\nconfirmation by the Senate as provided by KRS 11.160, as follows:\n(a) One (1) private direc tor representing the interests of financial lending\ninstitutions located within the Commonwealth;\n(b) One (1) private director representing the interests of the manufactured housing\nindustry within the Commonwealth;\n(c) One (1) private director representin g the interests of real estate practitioners\nlicensed by the Kentucky Real Estate Commission;\n(d) One (1) private director representing the interests of the homeless population\nwithin the Commonwealth;\n(e) One (1) private director representing the interests of local government;\n(f) One (1) private director representing the interests of the home construction\nindustry in the Commonwealth;\n(g) One (1) private director representing the interests of consumers in the\nCommonwealth;\n(h) One (1) private director representing the interests of the Kentucky State\nBuilding Trades Council;\n(i) One (1) director representing the interests of nonprofit housing organizations\nlocated within the Commonwealth; and\n(j) One (1) director having significa nt professional experience in auditing,\nfinancial accounting, municipal bond financing, or investment banking.\n(4) Private directors appointed by the Governor may include previous members of the\nboard, and members may be reappointed for successive terms. A ll appointments\nshall be for four (4) years, and the appointees shall serve until a qualified successor\nis appointed.\n(5) In case of a vacancy, the Governor may appoint a person for the vacancy to hold\noffice during the remainder of the term. A vacancy sha ll be filled in accordance\nwith the requirement and procedures for appointments.\n(6) The Governor may remove any private director whom he or she may appoint in\ncase of incompetency, neglect of duty, gross immorality, or malfeasance in office,\nand the Gover nor may declare the office vacant and may appoint a person for the\nvacancy as provided in this section.\n(7) The Governor shall designate a private director of the corporation to serve as\nchairman. The term of the chairman shall extend to the earlier of eit her the date of\nexpiration of his or her then current term as a private director of the corporation or a\ndate six (6) months after the expiration of the then current term of the Governor\ndesignating the chairman.\n(8) The board of directors shall annually elect one (1) of its members as vice chairman.\nThe board of directors shall also elect or appoint, and prescribe the duties of, other\nofficers the board of directors deems necessary or advisable, including an executive\ndirector and a secretary, and the board of directors shall fix the compensation of the\nofficers.\n(9) The executive director shall administer, manage, and direct the affairs and business\nof the corporation, subject to the policies, control, and direction of the board of\ndirectors of the corpora tion. The secretary of the corporation shall keep a record of\nthe proceedings of the corporation and shall be custodian of all books, documents,\nand papers filed with the corporation, the minute book or journal of the corporation,\nand its official seal. The secretary shall have authority to cause copies to be made of\nall minutes and other records and documents of the corporation and to give\ncertificates under the official seal of the corporation to the effect that copies are true\ncopies, and all persons dealing with the corporation may rely upon the certificates.\n(10) A majority of the board of directors of the corporation shall constitute a quorum for\nthe purposes of conducting its business and exercising its powers and for all other\npurposes. A majority shall be determined by excluding any existing vacancies from\nthe total number of directors.\n(11) Action shall be taken by the corporation upon a vote of a majority of the directors\npresent at a meeting at which a quorum shall exist called upon three (3) days '\nwritten notice to each director or upon the concurrence of at least eight (8)\ndirectors.\n(12) Each private director shall be entitled to a fee of one hundred dollars ($100) for\nattendance at each meeting of the board of directors or duly called committee\nmeeting of the board.","path":["KRS Chapter 198A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53507","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:50Z","sha256":"18c239c258c0c7a248bb0ae90c7cf1027ee50047a870737300fede6b30e0de35","source_id":"us-ky","stale":false,"prev":"us-ky/krs-198a.027","next":"us-ky/krs-198a.035"},"notice":"GroundRules: Original legal text. Not legal advice."}