Section 376.1 - Pennsylvania Economic Development Financing Authority; Board of Directors(a) There is hereby created a body corporate and politic, with corporate succession, to be known as the "Pennsylvania Economic Development Financing Authority."(b) The financing authority shall be governed and all of its corporate powers exercised by a board of directors which shall be composed of the following individuals:(1) Seven members to be appointed by the Governor, with the advice and consent of the Senate, who shall represent the general public and the public interest. The members initially appointed shall serve for terms of two, three and four years, respectively, from the date of their appointment and until their respective successors shall be duly appointed and qualified, the term of each appointed member to be designated by the Governor at the time of his appointment. Initially, three members shall be appointed for terms of four years; two members shall be appointed for terms of three years; and two members shall be appointed for terms of two years. The terms of all of their successors shall be four years each, except that any person appointed to fill a vacancy shall serve only for the unexpired term, and any appointed member shall be eligible for reappointment.(2) The Secretary of Commerce, or its successor agency, who will serve as chairman, or his designee.(3) The Secretary of Labor and Industry or his designee.(4) The Secretary of Community Affairs or his designee. (5) The Secretary of Agriculture or his designee.(6) The Secretary of Banking or his designee.(7) One member to be appointed by the Majority Leader of the Senate, one member to be appointed by the Minority Leader of the Senate, one member to be appointed by the Majority Leader of the House of Representatives and one member to be appointed by the Minority Leader of the House of Representatives. All members shall serve at the pleasure of the appointing authority.(c) The members of the financing board shall be entitled to no compensation for their services as members but shall be entitled to reimbursement for all necessary expenses incurred in connection with the performance of their duties as members.(d) The financing board shall provide for the holding of regular and special meetings. A majority of the members of the financing board shall constitute a quorum for the transaction of any financing authority business. No vacancy on the financing board shall impair the right of a quorum of the members of the financing board to exercise the powers and perform the duties of the financing authority.(e) All applicable State departments and agencies shall cooperate with and provide assistance to the financing board without financial reimbursement.(f) The financing authority may be dissolved by law provided that the financing authority has no bonds or other debts or obligations outstanding or that provision has been made for the payment or retirement of all such bonds, debts and obligations. Upon the dissolution of the financing authority, all property, funds and assets of the financing authority shall be vested in the Commonwealth.1967, Aug. 23, P.L. 251, §6.1, added 1987 , July 10, P.L. 273, No. 48, § 3, imd. effective. Amended 1993, Dec. 17, P.L. 490, No. 74, § 7, imd. effective.