Kansas Statutes 74-99c03. Creation and operation of center; board of directors, term, meetings, compensation, duties
Terms Used In Kansas Statutes 74-99c03
- Banking industry: means banks, savings and loan associations and credit unions;
(b) "contribution" means and includes the donation of cash or property other than used clothing in an amount or value of $250 or more. See Kansas Statutes 74-99c02
- center: means the Kansas center for entrepreneurship;
(d) "department" means the department of commerce;
(e) "distressed community" means an area in which 20% or more of the population of all ages for each census tract located within the area has an income below poverty level as reported in the most recently completed decennial census published by the United States bureau of the census;
(f) "fund" means the Kansas community entrepreneurship fund;
(g) "contributor" means a person or entity making a contribution to the Kansas center for entrepreneurship;
(h) "Kansas business" means any business owned by an individual, any partnership, association or corporation domiciled in Kansas, or any corporation, even if a wholly owned subsidiary of a foreign corporation, that does business primarily in Kansas or does substantially all of its production in Kansas;
(i) "member" means a member of the board of directors;
(j) "qualified entrepreneur" means an entrepreneur who has exhibited a financial commitment to the business or who has proven business experience or who possesses either a bachelor or master of business administration degree or who has completed course work as directed by the Kansas center for entrepreneurship that certifies the individual as a qualified entrepreneur;
(k) "regional and community organization" means a not-for-profit organization properly organized under Kansas statutes to provide funds to start-up entrepreneurs through loans, grants or agreements with financial institutions;
(l) "rural community" means any city having a population of fewer than 50,000 or except as otherwise provided, any unincorporated area. See Kansas Statutes 74-99c02
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Oversight: Committee review of the activities of a Federal agency or program.
- Quorum: The number of legislators that must be present to do business.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- secretary: means the secretary of the department of commerce; and
(n) "seed capital" means financing that is provided for the development, refinement and commercialization of a product, process or innovation whether for the startup of a new firm, the expansion or the restructuring of a small firm. See Kansas Statutes 74-99c02
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) There is hereby created a body politic and corporate to be known as the Kansas center for entrepreneurship. The secretary of commerce, after consulting with the board of directors, shall enter into a contractual agreement for the operation of the center. The center’s exercise of all the rights, powers and privileges conferred by this act and shall be deemed and held to be the performance of an essential government function.
(b) The center shall be governed by a board of 10 directors. The board of directors shall be appointed by the secretary of commerce and shall be comprised of individuals who have demonstrated entrepreneurial success, including one member from each of the following organizations:
(1) Three at-large entrepreneurs,
(2) an agricultural entrepreneur knowledgeable in biosciences,
(3) banking industry,
(4) travel/tourism industry,
(5) enterprise facilitation,
(6) Kansas chamber of commerce and industry,
(7) Kansas small business development centers, and
(8) national federation of independent businesses.
(c) (1) Members shall serve for a term of four years and until such members’ successors are appointed, except that, of the members first appointed, three shall serve for a term of two years, three shall serve for a term of three years and two shall serve for a term of four years.
(2) In case of a vacancy by a member, a successor shall be appointed in like manner and subject to the same qualifications and conditions as the original appointment of the member creating the vacancy and shall serve the remainder of the unexpired portion of the term.
(d) The secretary of commerce shall organize and schedule the first meeting of the board, at which time the board shall choose a chairperson and may appoint committees from its members as necessary.
(e) The board of directors shall meet at least four times a year and at such other times as it deems appropriate or upon call of the chairperson or upon the written request of a majority of the members of the board.
(f) Members of the board of directors attending board meetings or committee meetings thereof authorized by the center, shall be paid amounts provided in subsection (e) of Kan. Stat. Ann. § 75-3223, and amendments thereto.
(g) Members of the board of directors, in their dealings with enterprises that may receive financing through the corporation, shall declare any potential conflict of interest and abstain from voting prior to taking any actions relating to that transaction.
(h) The board of directors shall hold all board meetings within the state of Kansas.
(i) Members of the board of directors may serve multiple terms.
(j) A member appointed to the board of directors may be removed by the secretary for cause, stated in writing, after a hearing thereon.
(k) A majority of the total voting membership of the board shall constitute a quorum for meetings. The board may act by a majority of those at any meeting where a quorum of the board is present.
(l) Before assuming office, each person appointed as a member of the board of directors shall complete and file with the office of the secretary of state a statement containing the information required in a statement of substantial interest pursuant to Kan. Stat. Ann. § 46-247, and amendments thereto.
(m) The board of directors shall:
(1) Consult with and make a recommendation to the secretary concerning the awarding of the contract for the Kansas center for entrepreneurship;
(2) make recommendations to the Kansas center for entrepreneurship regarding its policies and procedures;
(3) review and evaluate the Kansas center for entrepreneurships’ annual report in light of this act’s purpose, policy and procedures and current economic conditions, and, report its conclusions and recommendations to the secretary and the center;
(4) advise the secretary regarding any matter of impropriety involving the Kansas center for entrepreneurship of which it becomes aware; and
(5) carry out any other advisory or oversight function the secretary deems necessary to fulfill and further the purpose and intent of this act.