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i~ General Assembly of North Carolina Session 2009 1 accomplished prior to the adjournment of the then current session of the General Assembl, 2 vacancy arises in the office of director when the General Assembly is not in session, and the 3 appointment is deemed ur eg nt by the Governor, the director ma~ppointed and serve on an 4 interim basis pending confirmation by the General Assembles 5 ,~f Organization of the Board. -The Board shall adopt b~aws with respect to the 6 calling of meetings=quorums, voting procedures, the keeping of records, and other 7 organizational and administrative matters as the Board may determine. A quorum shall consist 8 of a maiority of the members of the Board. No vacancy in the membership of the Board shall 9 impair the right of a quorum to exercise all rights and to perform all the duties of the Board and 10 the Trust. 11 ~ Compensation of the Board. - No part of the revenues or assets of the Trust shall 12 inure to the benefit of or be distributable to the members of the Board or officers or other 13 private persons. The members of the Board shall receive no salary for their services but shall be 14 entitled to receive per diem and allowances in accordance with the provisions of G.S. 138-5. 15 ~h,~ Treasurer. -The Board shall select the Trust's treasurer. The Board shall require a 16 surety bond of the appointee in the amount as the Board may fix, and the premium shall be paid 17 by the Trust as a necessary expense of the Trust. 18 ~ Executive Director and Other Employees. -The Board shall appoint an executive 19 director, whose salary shall be fixed by the Board, to serve at its pleasure. The executive 20 director or a person desi na~y the executive director shall appoint, employ, dismiss, and, 21 within the limits of available funding, fix the compensation of other employees as considered 22 necessary. 23 f j,~ Office. -The Board shall establish an office for the transaction of the Trust's 24 business at the place the Board finds advisable or necessar t~ o implement the provisions of this 25 Article. 26 "~ 77-123. Authority to acquire Yadkin Proiect. 27 The Yadkin River Trust ma~quire the Yadkin Project. If the Trust acquires the Yadkin 28 Project, it shall pursue transfer of the license from the Federal Energy Re latorv Commission 29 and other transfer of title and may enter into negotiations, execute agreements, amend the 30 license, and take any other actions necessary to become licensee for the Yadkin Project on 31 behalf of the State. Any terms of acquisition shall be approved by the Board of Directors for the 32 Trust prior to completion of the acquisition. If acquired, the Trust shall not surrender, 33 terminate, transfer, or sell the license or the Yadkin Project without the consent of the General 34 Assembly. 35 "& 77-124. Powers and duties. 36 ~a,2 The Trust has the power to: (i) develop the Yadkin River in Stanly, Davidson, 37 Montgomery, and Rowan Counties as an instrumentality of intrastate, interstate, and foreign 38 commerce and navigation; (iil acquire existing hydroelectric facilities; and (iiiLproduce, 39 distribute, and sell hydroelectric power from existing or new hydroelectric facilities. The Trust 40 has all powers that may be necessary or convenient for the exercise of these powers including, 41 without limiting the enerality of the foregoing, the following; 42 ,{~ The powers of a corporate body, including the power to sue and be sued, to 43 make contracts, to adopt and use a common seal, and to alter the adopted 44 seal as needed. 45 ~ To have perpetual succession as a corporation. 46 ~ To adopt, alter, or repeal its own bylaws and adopt, promulgate, and amend 47 rules to implement the provisions of this Article. The Trust and its activities 48 shall not be governed by the North Carolina Utilities Commission but shall 49 be governed b~provisions of this Article and the rules adopted 50 thereunder. ~i rl i n i C C i C i i~ fl C r Attachment number 3 Page 4 F-2 S967 EFa2 of 320