Section 856. Organization of industrial development agencies

1. (a) Upon
  the establishment of an industrial development agency by special act  of
  the  legislature,  the  governing  body  of  the  municipality for whose
  benefit such agency is established shall file within  six  months  after
  the  effective  date  of the special act of the legislature establishing
  such  agency  or  before  the  first  day  of  July,  nineteen   hundred
  sixty-nine,  whichever  date  shall  be  later,  in  the  office  of the
  secretary of state, a certificate setting forth: (1) the date of passage
  of the special act establishing the agency; (2) the name of the  agency;
  (3) the names of the members and their terms of office, specifying which
  member  is  the  chairman;  and  (4) facts establishing the need for the
  establishment of an agency in such municipality.
    (b) Every such agency shall be perpetual in duration, except  that  if
  (1) such certificate is not filed with the secretary of state within six
  months  after  the  effective date of the special act of the legislature
  establishing such agency or before  the  first  day  of  July,  nineteen
  hundred  sixty-nine,  whichever  date  shall  be later, or if (2) at the
  expiration of ten years subsequent to the effective date of the  special
  act,   there   shall  be  outstanding  no  bonds  or  other  obligations
  theretofore issued by such agency or  by  the  municipality  for  or  in
  behalf  of the agency, then the corporate existence of such agency shall
  thereupon terminate and it shall thereupon be deemed to be and shall  be
  dissolved.
    (c)  On  or  before  March  first of each year, the secretary of state
  shall prepare a list of agencies which failed to file a  certificate  in
  accordance  with  provisions of paragraph (a) of this subdivision within
  the preceding calendar year and transmit a copy  of  such  list  to  the
  state  comptroller  and  the  commissioner of the department of economic
  development. On or before March first of each year the  commissioner  of
  the  department of economic development shall prepare a list of agencies
  which have dissolved pursuant to paragraph (b) of  this  subdivision  or
  have  ceased  to  exist  pursuant to section eight hundred eighty-two of
  this chapter and shall transmit  a  copy  of  such  list  to  the  state
  comptroller.
    2.  An agency shall be a corporate governmental agency, constituting a
  public benefit corporation. Except as otherwise provided by special  act
  of  the  legislature, an agency shall consist of not less than three nor
  more than seven members who shall be appointed by the governing body  of
  each  municipality and who shall serve at the pleasure of the appointing
  authority. Such members may include representatives of local government,
  school boards, organized labor and business. A member shall continue  to
  hold  office  until  his  successor  is appointed and has qualified. The
  governing body of each municipality shall designate the  first  chairman
  and  file  with  the  secretary of state a certificate of appointment or
  reappointment of any member. Such members shall receive no  compensation
  for  their  services  but  shall  be entitled to the necessary expenses,
  including traveling expenses, incurred in the discharge of their duties.
    3. A majority of the members of an agency shall constitute a quorum.
    4. Any one or more of the members of an agency may be an  official  or
  an  employee  of  the  municipality. In the event that an official or an
  employee of the municipality shall be  appointed  as  a  member  of  the
  agency,  acceptance or retention of such appointment shall not be deemed
  a forfeiture of his municipal  office  or  employment,  or  incompatible
  therewith  or  affect his tenure or compensation in any way. The term of
  office of a member of an agency who is an official or an employee of the
  municipality when appointed as a member thereof by special  act  of  the
  legislature  creating  the industrial development agency shall terminate
  at the expiration of the term of his municipal office.