Ohio Revised Code|Section 150.02 | Ohio venture capital authority.

                                                
(A) There is hereby created the Ohio venture capital authority, which shall exercise the powers and perform the duties prescribed by this chapter. The exercise by the authority of its powers and duties is hereby declared to be an essential state governmental function. The authority is subject to all laws generally applicable to state agencies and public officials, including, but not limited to, Chapter 119. and sections 121.22 and 149.43 of the Revised Code, to the extent those laws do not conflict with this chapter. 
(B) The authority shall consist of   three members appointed  by the governor, one  of whom the governor shall select from a  list of three  nominees  provided by the president of the  senate,  and one of whom  the  governor shall select from a list of three  nominees provided  by  the speaker of the house of  representatives.  If the governor  rejects all the nominees  provided in either list,  the governor  shall request that the  president of the senate or  speaker of the  house, as the case may  be, provide another list of  three  nominees, and the president or  speaker, as the case may be,  shall  provide another list of three  nominees.  All nominated and  appointed members shall have experience in the field of  banking, investments, commercial law, or industry  relevant to the  purpose of the Ohio venture capital program as stated in section  150.01  of the Revised Code. The   director of development and tax commissioner  or their designees  shall serve as advisors to the authority but shall not be members  and shall not vote on any matter before the authority.
Initial appointees to the authority shall serve staggered  terms, with one term expiring on January 31, 2004, two terms  expiring on January 31, 2005, two terms expiring on January 31, 2006, and two terms expiring on January 31, 2007. The terms of  all  members serving on the authority on January 31, 2010, expire  on  that date, and the three appointees appointed pursuant to the  amendment of this section by H.B. 1 of the 128th general assembly  shall begin their terms February 1, 2010, with one term expiring  January 31, 2012, one term expiring January 31, 2013, and one term  expiring January 31, 2014. Thereafter, terms of office for all appointees shall be for four years, with each term ending on the  same day of the same month as did the term that it succeeds. A vacancy on the authority shall be filled in the same manner as the original appointment, except that a person appointed to fill a vacancy shall be appointed to the remainder of the unexpired term. Any appointed member of the authority is eligible for reappointment.
A member of the authority may be removed by the member's appointing authority for misfeasance, malfeasance,  willful neglect  of duty, or other cause, after notice and a public hearing, unless  the notice and hearing are waived in writing by the member.
(C) Members of the authority shall serve without compensation, but shall receive their reasonable and necessary expenses incurred in the conduct of authority business. The governor shall  designate a member of the authority to serve as chairperson. A majority of the members of the authority constitutes a quorum, and the affirmative vote of a majority of the members present is necessary for any action taken by the  authority. A vacancy in the membership of the authority does not  impair the right of a quorum to exercise all rights and perform  all duties of the authority.
(D) The department of development shall provide the authority  with office space and such technical assistance as the authority requires.
(E) The authority and an issuer may cooperate in promoting  the  public purposes of the Ohio venture capital program as stated  in  section 150.01 of the Revised Code and may enter into such  agreements as the authority and the issuer deem appropriate,  with  a view to cooperative action and safeguarding of the  respective  interests of the parties thereto. Such agreements may provide for  the rights, duties, and responsibilities of the  parties and any  limitations thereon, the terms  on which any tax credits that may  be issued to a trustee for the benefit of the issuer pursuant to  division (E) of section 150.07 of the Revised Code are to be  issued and  claimed, and such other terms as may be mutually  satisfactory  to the parties including, but not limited to,  requirements for  reporting, and a plan, prepared by a program  administrator and  acceptable to the authority and the issuer,  designed to evidence  and ensure compliance with division (D) of  section 150.03 of the  Revised Code and Section 2p of Article  VIII, Ohio Constitution.