§ 10-705
295 words·~1 min read·
/md/economic-development/10-705A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–705.
(a)There is a Board of Trustees of the Trust.
(1)The Board consists of seven members appointed by the Governor with the advice and consent of the Senate.
(2)Of the seven members:
(i)four shall represent the investors and have been recommended to the Governor by the investors;
(ii)at least one shall have expertise in venture capital financing; and
(iii)at least one shall have experience as a small business owner.
(3)Each member shall be a resident of the State.
(4)The Governor shall consider geographic diversity of the State when appointing members of the Board.
(1)The term of a member is 4 years.
(2)The terms of members are staggered as required by the terms provided for members of the Board on October 1, 2008.
(3)At the end of a term, a member continues to serve until a successor is appointed and qualifies.
(4)A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(5)The Governor may remove a member with or without cause.
(d)The Governor shall appoint a chair from among the Board members.
(1)A majority of the members then serving on the Board is a quorum.
(2)A majority vote of the members present at a meeting having a quorum is needed for the Board to act.
(f)A member of the Board:
(1)may not receive compensation as a member of the Board; but
(2)is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(g)The Board:
(1)shall manage the Trust; and
(2)exercises all of the corporate powers of the Trust.