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CTNext shall not be an employer as defined in section 5-270 of the general statutes.

The CTNext board of directors shall consist of eleven members, a majority of whom shall be serial entrepreneurs representing a diverse range of growth sectors of the Connecticut economy.No further action is required for the establishment of the subsidiary, except the adoption of a resolution for the subsidiary.CTNext shall constitute a successor authority to Connecticut Innovations, Incorporated in accordance with the provisions of sections 4-38d, 4-38e and 4-39 of the general statutes, for the purposes of the powers in subdivisions (22), (28) and (40) of section 32-39 of the general statutes, as amended by this act, transferred from Connecticut Innovations, Incorporated to CTNext pursuant to section 32-39 of the general statutes, as amended by this act.Moneys in or received for the fund may be deposited with and invested by any institution as may be designated by the administrator at its sole discretion and paid as the administrator shall direct.The administrator may make payments from deposit accounts for use in accordance with the provisions of this section.

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