[Added 10-19-1992 by Ord. No. 39-92;
amended 6-22-1998 by Ord. No. 51-98]
The Old Bridge Economic Development Corporation
is hereby continued in existence. The Certificate of Incorporation
and Bylaws thereof shall be amended as follows:
A.
The Corporation shall have no members.
B.
The Corporation shall be governed by the following
trustees (15 in number):
(1)
The Mayor of the Township of Old Bridge.
(2)
Two members of the Township Council of the Township
of Old Bridge to be selected by the Township Council. Such trustee
may only continue to serve while he or she holds the position of member
of the Township Council.
(3)
The Chairperson of the Old Bridge Township Planning
Board or his or her designee with the approval of the Old Bridge Township
Planning Board.
[Amended 11-23-1998 by Ord. No. 86-98]
(4)
The Chairperson of the Old Bridge Township Municipal
Utilities Authority or his or her designee with the approval of the
Old Bridge Township Municipal Utilities Authority.
[Amended 11-23-1998 by Ord. No. 86-98]
(5)
Ten private persons, prominent in the community and/or
knowledgeable about business and economic affairs. Except as otherwise
provided hereinbelow, three of the private person trustees shall be
appointed by the Mayor, and seven such trustees shall be appointed
by the Township Council.
[Added 11-23-1998 by Ord. No. 86-98]
Any person claiming authority to vote and participate
in the Economic Development Authority as a designee may not so act
unless such a person presents a resolution of the Old Bridge Township
Planning Board or Old Bridge Township Municipal Utilities Authority,
as the case may be.
Of the 10 trustee positions authorized to be
held by private persons, six such positions represent those positions
held by filled and existing trustees. The four (new) positions shall
be appointed as follows:
A.
Of the four additional appointments which shall become
effective as a result of this amendment, all four shall be appointed
by the Council. After the Council's selection of these four trustees,
any vacancies thereafter will be filled in such manner as to preserve
the ratio of three Mayoral appointments and seven Council appointments.
B.
Each trustee is to serve for a three-year term; provided,
however, that of the four additional appointments which shall become
effective after the effective date of this amendment, two trustees
will each serve two-year terms, and two trustees will each serve one-year
terms. Selection of the trustees who will serve a particular term
will be by mutual consent of the parties or by lot if mutual consent
cannot be obtained.
This article shall not be construed to eliminate
or reduce the term of office of any member except that of the Township
Business Administrator and the Township Director of Community Development,
who shall be advisory staff to the Corporation without voting rights.
The Certificate of Incorporation shall be amended
to provide that a trustee or officer of the Old Bridge Township Economic
Development Corporation shall not be personally liable to the Corporation
or any third party for the breach of any duty owed to the Corporation
except:
