This bill enacts a new provision, R.S. 33:2740.70.11, concerning the boards of commissioners for economic development districts in municipalities with populations exceeding 300,000. It establishes that a nonprofit entity authorized to appoint members to these boards will lose its appointment authority if it fails to maintain good standing with the Secretary of State for three consecutive years.

Furthermore, the bill stipulates that this forfeiture of authority will last for a minimum of two years, even if the nonprofit entity subsequently takes steps to regain good standing within that timeframe. This measure aims to ensure accountability and proper governance within economic development districts by linking the appointment authority to the compliance status of the nonprofit entities involved.