Pursuant to N.J.S.A. 52:27H-67, there shall be created a nonprofit corporation,
to be incorporated under Title 15A of the New Jersey Statutes, which shall
function as the zone development corporation and shall have the Director of
Community Development as its incorporator.
The certificate of incorporation shall provide that the duration of
the corporation shall be for a period of 21 years following the date of incorporation,
consistent with N.J.S.A. 52:27H-66, which provides that any designation of
an enterprise zone shall be for a period of 20 years and shall not be renewed
at the end of that period. Should Title 52 be amended allowing for the existence
of designated enterprise zones for a period in excess of 20 years, the certificate
of incorporation shall be amended to extend the duration of the corporation
for the period of time so designated by state statute.
The corporation to be created hereunder shall use as its corporate name,
"Passaic Enterprise Zone Development Corporation."
The corporation shall consist of a Board of Trustees, who shall also
be members of the corporation; and general members. Members, except as otherwise
provided for by this chapter, shall be appointed by the Mayor, upon advice
and consent of the City Council.
The Board of Trustees shall elect from its members, on an annual basis,
a Vice Chairperson, a Secretary and a Treasurer, in accordance with its certificate
of incorporation or bylaws.
The initial Board of Trustees of the corporation, other than the standing
members, shall hereby be appointed, as a whole, by the Mayor upon advice and
consent of the City Council, with their names and addresses provided in the
corporation's certificate of incorporation or bylaws, according to law.