The bill amends Section 41-10-803 of the Code of Alabama 1975, focusing on the governance structure of the Alabama Innovation Corporation. Key changes include the introduction of staggered terms for the board of directors, specifically for the six at-large directors appointed by the Governor. The terms will now expire on December 31, with the initial staggered terms set to ensure that two directors' terms end in 2025, two in 2026, and two in 2027. Additionally, the bill emphasizes the need for board membership to reflect the racial, gender, geographic, urban, rural, and economic diversity of the state, replacing previous language that focused on diversity of gender, race, and geographical areas.

Other notable provisions include the stipulation that at-large directors may serve a maximum of two consecutive terms, with a mandatory two-year gap before reappointment. The bill also clarifies that a majority of directors constitutes a quorum for decision-making and allows for participation in meetings through various communication methods. The act is set to take effect on October 1, 2025.

Statutes affected:
Introduced: 41-10-803
Enrolled: 41-10-803