Section 11-8-40 - Urban renewal agency created--Finding and election required before exercise of powers

11-8-40. Urban renewal agency created--Finding and election required before exercise of powers.There is hereby created in each municipality a public body corporate and politic to be known as the 'urban renewal agency' of the municipality; provided, however, that such agency shall not transact any business or exercise its powers hereunder until or unless the local governing body has made the finding prescribed in §11-8-8 and has elected to have the urban renewal powers exercised by an urban renewal agency as provided in §§11-8-38 and 11-8-39. Source: SL 1966, ch 149, §17 (1).