{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-854","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-854","heading":"Oklahoma Industrial Finance Authority – Membership -","body":"Public meetings - Executive sessions.\n\nA. There is hereby created a body corporate and politic,\n\nconstituting a public corporation and governmental instrumentality\n\nof this state, to be known and identified as \"The Oklahoma\n\nIndustrial Finance Authority\". Said Authority shall be under the\n\ncontrol of a Board of Directors, to be composed of seven (7) members\n\nappointed by the Governor for overlapping terms, with the advice and\n\nconsent of the Senate, one of whom shall be the Director of the\n\nOklahoma Department of Commerce, representing the state at large.\n\nOne member shall be appointed from each congressional district as\n\nthe districts were configured in 1960. At least five of the\n\nmembers, other than the Director of the Oklahoma Department of\n\nCommerce, shall have had at least fifteen (15) years' experience in\n\nbanking, mortgage loans or financial management, and the remaining\n\nmember shall have demonstrated outstanding ability in business or\n\nindustry. Members initially appointed shall continue in office for\n\nterms of from one (1) to six (6) years, respectively, from the date\n\nof their appointment and until their respective successors shall be\n\nduly appointed and qualified, the term of each appointed member to\n\nbe designated by the Governor at the time of appointment; but their\n\nsuccessors shall each be appointed for a term of six (6) years,\n\nexcept that any person appointed to fill a vacancy shall serve only\n\nfor the unexpired term. Any appointed member of the Authority shall\n\nbe eligible for reappointment, and no member shall be removed from\n\noffice except for good cause shown.\n\nB. The chair and other officers of the Board shall be elected\n\nannually by the Board from its own membership. Members of the\n\nAuthority shall be compensated for their travel expenses pursuant to\n\nthe State Travel Reimbursement Act.\n\nC. The State Treasurer shall be an ex officio, nonvoting member\n\nof said Board of Directors, and shall serve without compensation.\n\nAll other Board members, excluding the Director of the Oklahoma\n\nDepartment of Commerce, shall receive a stipend of Three Hundred\n\nDollars ($300.00) for each Board meeting attended not to exceed\n\nThree Thousand Six Hundred Dollars ($3,600.00) per annum. In\n\naddition, the actual expenses, documented by receipts, incurred by\n\nemployees of the Authority for necessary travel and subsistence to\n\nattend Board meetings and to carry out the powers and duties of the\n\nAuthority under Section 851 et seq. of this title shall be\n\nreimbursed to such Board member or employee. All such stipends and\n\nexpenses must be approved by the Board prior to reimbursement. No\n\nstate appropriated monies shall be used for said reimbursement.\n\nD. The meetings of the Board of Directors of the Authority\n\nshall be subject to the Oklahoma Open Meeting Act and the Oklahoma\n\nOpen Records Act. Any information submitted to or compiled by the\n\nAuthority with respect to the marketing plans, financial statements,\n\ntrade secrets or any other commercially sensitive information of\n\npersons, firms, associations, partnerships, agencies, corporations\n\nor other entities shall be confidential, except to the extent that\n\nthe person or entity which provided such information or which is the\n\nsubject of such information consents to disclosure. Executive\n\nsessions may be held to discuss such materials if deemed necessary\n\nby the Board of Directors.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a03c6d382fe5b07ca74791520ee35f125c7a6dc9199b9cdd97b61cda771364b4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-853","next":"us-ok/okla.-stat.-tit.-74-74-855"},"notice":"GroundRules: Original legal text. Not legal advice."}