GOVERNING BOARDS.

SEC. 1107. GOVERNING BOARDS. (a) Purpose.—For purposes of this title, a governing board shall be a board organized for the purpose of developing a new town plan under this title and carrying out a new town development demonstration under this title. (b) Membership.—Each governing board shall consist of not less than 10 members, who shall include— 106 STAT. 3937 (1) residents of the area in which the new town demonstration area under the plan developed by the board is located; (2) owners of business in such area; (3) leaders or participants in community groups in such area; and (4) representatives of financial institutions located or having offices in such area. (c) Organization.—A governing board may organize itself and conduct business in the manner that the board determines is appropriate to carry out the new town development demonstration under this title.