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Maryland Code, Economic Development § 10-403

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) A Board of Directors shall manage the Corporation and its units and exercise its corporate powers.

(2)(i) The Board of Directors may appoint members of an advisory committee.

(ii) If the Board of Directors appoints an advisory committee, the Board shall adopt policies establishing the responsibilities of the advisory committee.

(b) The Board consists of the following 19 members:

(1) the Secretary or the Secretary's designee;

(2) fourteen members appointed by the Governor with the advice and consent of the Senate:

(i) two representing the nonprofit research sector of the State;

(ii) two with expertise in venture capital financing;

(iii) five with experience in technology-based businesses;

(iv) two representing colleges and universities, at least one of whom shall represent an historically black college or university, except that any single college or university may not be represented for more than two consecutive terms; and

(v) three members of the general public; and

(3) subject to subsection (c) of this section:

(i) two members appointed by the President of the Senate; and

(ii) two members appointed by the Speaker of the House.

(c) The members appointed under subsection (b)(3) of this section shall:

(i) represent the nonprofit research sector of the State;

(ii) have expertise in venture capital financing;

(iii) have experience in technology-based businesses;

(iv) represent colleges and universities; or

(v) be members of the general public.

(d) A member of the Board shall reside in the State.

(e) In making appointments to the Board, the Governor shall consider:

(1) diversity; and

(2) all geographic regions of the State.

(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)(1) The term of an appointed member is 4 years.

(2) The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.

(3) At the end of a term, an appointed 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.

(h)(1) This subsection applies to a member who is appointed by the Governor under subsection (b) of this section.

(2) The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.

(i) The Board shall elect a chair from among its members.

(j) The Board may act with an affirmative vote of 11 Board members.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-403 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-403/

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