§ 5-512
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/md/economic-development/5-512A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–512.
(a)The Authority exercises its powers and performs its duties subject to the authority of the Secretary.
(b)The Authority may:
(1)adopt bylaws for the conduct of its business;
(2)adopt a seal;
(3)maintain offices in the State;
(4)sue and be sued in its own name;
(5)retain consultants;
(6)use the services of governmental units;
(7)contract for and accept, to carry out this subtitle, a loan or grant from the federal government, a political subdivision of the State, or any other source;
(8)purchase, receive, lease as lessee, or otherwise acquire, sell, mortgage, lease as lessor, pledge, administer, dispose of, or otherwise deal with property given as collateral under a loan agreement on the terms and conditions it considers advisable;
(9)adopt regulations necessary to carry out its powers;
(10)acquire or take assignments of loan documents; and
(11)do anything necessary or convenient to carry out its powers.
(c)The Authority shall:
(1)in its internal functions, follow the procedures of the State that govern the purchase of office space, supplies, facilities, materials, equipment, and professional services;
(2)keep proper records of its accounts;
(3)keep separate records for:
(i)the Small Business Development Contract Financing Fund under Part III of this subtitle;
(ii)the Small Business Development Guaranty Fund under Part IV of this subtitle;
(iii)the Equity Participation Investment Program Fund under Part V of this subtitle; and
(iv)the Small Business Surety Bond Fund under Part VI of this subtitle; and
(4)in accordance with § 2.5–109 of this article, submit a report on its condition and operations.