There is hereby created a body corporate and politic, constituting a public corporation and government instrumentality by the name of "The Pennsylvania Industrial Development Authority," the board of members of which shall be composed of the following: The Secretary of Commerce or his or her named designee, who will serve as Chairman, the Secretary of Labor and Industry or his or her named designee, the Secretary of Community Affairs or his or her named designee, the Secretary of Agriculture or his or her named designee and the Secretary of Banking or his or her named designee and their respective successors in office and seven additional members who shall be appointed by the Governor with the advice and consent of the Senate who shall represent the general public and the public interest and whose terms shall be for seven years and until their respective successors shall be duly appointed and qualified, the term of each appointed member to be designated by the Governor at the time of his appointment, except that any person appointed to fill a vacancy shall serve only for the unexpired term, and any appointed member of the Authority shall be eligible for re-appointment. Said members of the Authority shall be entitled to no compensation for their services as members, but shall be entitled to receive the amount of reasonable traveling, hotel and other expenses incurred in the performance of their duties in accordance with Commonwealth regulations. An appointed member of the board who fails to attend three consecutive meetings shall forfeit his or her seat unless the chairman, upon written request of the member, finds that the member should be excused from attending a meeting because of illness or the death of an immediate family member.
73 P.S. § 304