(a)

(1) The Board of Directors of the Arkansas Development Finance Authority shall consist of the Director of the Department of Finance and Administration or his or her designee, who shall serve during the director's absence, and eleven (11) public members to be appointed by the Governor with the advice and consent of the Senate.

(2) The members appointed by the Governor shall be residents of the state and shall have been qualified electors therein for at least one (1) year preceding the time of appointment and shall be recognized by their peers as outstanding in the field of economic development or development finance.

(3) Each congressional district in the state shall be represented by at least one (1) public member of the board.

(4)

(A) One (1) public member of the board shall be a representative of the agricultural business enterprise industry.

(B) One (1) public member shall be a representative of the state's elderly population who is:

(i) Sixty (60) years of age or older; and

(ii) Not actively engaged in or retired from the operation of an agricultural business enterprise.

(C) The public members appointed under subdivisions (a)(4)(A) and (B) of this section shall be:

(i) Selected from the state at large subject to confirmation by the Senate; and

(ii) Full voting members of the Arkansas Development Finance Authority.

(5) The additional public member added by this section shall be a public housing or community development professional actively engaged in that profession, and that person must not be a member of any public housing board.

(6) In addition to the other members of the board, the Treasurer of State or his or her designee, who shall serve during the Treasurer of State's absence, shall serve as an ex officio voting member of the board.

(b) The Governor shall appoint public members of the board to terms of four (4) years.

(c)

(1) Each board member shall hold office for the term of his or her appointment and until his or her successor shall have been appointed and qualified.

(2) Any vacancy in the board occurring other than by expiration of term shall be filled by appointment by the Governor, but for the unexpired term only.

(3) The terms of the members of the board shall expire on January 14.

(d)

(1) Each appointed public board member may be removed from office by the Governor for cause after a public hearing and may be suspended by the Governor pending the completion of the hearing.

(2)

(A) Before entering upon his or her duties, each board member shall take and subscribe to an oath to perform the duties of his or her office faithfully, impartially, and justly to the best of his or her ability.

(B) A record of the oath shall be filed in the office of the Secretary of State.

(e) The members of the board shall serve without compensation, but the authority may reimburse its board members for expenses in accordance with § 25-16-901 et seq.