Establishes the Transylvania Rural Development Authority (Authority) as a separate and independent body corporate and politic with all the powers and duties granted to an Authority under SL 1965-988, as amended, except that the board of commissioners of Transylvania County has no authority over the Authority. Provides for nine members of the Authority to serve five-year, staggered terms, with three each appointed by the Governor, Speaker of the House, and the President Pro Tempore of the Senate. Requires each appointing authority, in making the initial appointments, in order to stagger the members' terms in appointing the initial members, to appoint one member to serve a term of two years, one member to serve a term of three years, and one member to serve a term of five years. Provides for the filling of vacancies. Specifies that members will not receive compensation, but be allowed reimbursement for necessary expenses, including travel. Provides for a chair and other officers. Requires the Authority to adopt rules. Provides for removal of a member of the Authority by the Governor for inefficiency, neglect of duty, or misconduct in office upon notice and a hearing. Provides for staff within the limits of available funds. Sets forth conflict of interest rules. Requires incorporation of the Authority in the State upon the filing of a copy of the act as passed. Provides immunity to Transylvania County, any other county, the State of North Carolina, or any other governmental unit that provides funds to the Authority or collaborates with the Authority on a  development project or other project for environmental issues, known or unknown, related to that project solely because of providing funds or collaborating with the Authority. Makes conforming change to SL 1965-988, as amended.