The bill amends Section 41-10-803 of the Code of Alabama 1975, focusing on the governance structure of the Alabama Innovation Corporation by establishing staggered terms for its board of directors. The board will consist of five ex officio directors, including key state leaders, and six at-large directors appointed by the Governor. The amendments introduce new language to ensure that the board's composition reflects the racial, gender, geographic, urban, rural, and economic diversity of Alabama. The terms of the at-large directors will now begin upon their written acceptance and will end on December 31, with specific provisions for staggered expirations for those serving as of October 1, 2025.

Additionally, the bill modifies the appointment process for at-large directors, allowing for a maximum of two consecutive terms, with a mandatory two-year gap before reappointment. It also clarifies that no director will receive compensation for their service, although they will be reimbursed for travel expenses. The bill stipulates that a majority of the directors will constitute a quorum for decision-making, and it 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