9-41A-3Contents of agency agreement.

The agency agreement authorized in § 9-41A-2 shall state:

(1)    That the municipal power agency is created and incorporated under the provisions of this chapter as a municipal corporation and a political subdivision of the state, to exercise thereunder a part of the sovereign powers of the state;

(2)    The name of the agency, which shall include the words "municipal power agency";

(3)    The names of the first and second class municipalities which have approved the agency agreement and are the initial members of the municipal power agency;

(4)    The names and addresses of the persons initially appointed by the resolutions approving the agreement to act as the representatives or alternate representatives of the first and second class municipalities, respectively, in the exercise of their powers as members;

(5)    Limitations upon the terms of representatives or alternate representatives of the respective member first and second class municipalities, provided that the representatives or alternate representatives shall be selected and vacancies in their offices declared and filled by resolutions of the governing bodies of the respective municipalities;

(6)    The names of the initial board of directors of the municipal power agency, who shall be not less than three persons who are representatives of the respective member first and second class municipalities, selected by the representatives; or the agreement may provide that the representatives of the member municipalities from time to time shall be and constitute the board of directors;

(7)    The location by municipality, or other community in the state, of the registered office of the municipal power agency;

(8)    That the first and second class municipalities which are members of the municipal power agency are not liable for its obligations; and

(9)    Any other provision for regulating the business of the municipal power agency or the conduct of its affairs which may be agreed by the member first and second class municipalities.

Source: SL 1978, ch 66, § 3; SL 1992, ch 60, § 2.