Maryland Governor - Executive and Administrative Departments Section 14-905

      (a)      Annually, the Board of Directors shall elect one of their members to serve as chairman.

      (b)      The Board shall meet at least quarterly or whenever it is necessary to carry out its duties efficiently.

      (c)      The Board shall review the applications for the guarantees of loans and the subsidies for loan interest and approve or deny the applications based upon information provided to or obtained by the Board.

      (d)      Six members shall constitute a quorum.

      (e)      A member:

            (1)      May not receive compensation; but

            (2)      Is entitled to reimbursement for expenses under the Standard State Travel Regulations as provided in the State budget.

      (f)      Except as provided in subsection (e) of this section, a member may not financially benefit either directly or indirectly from the activities of the Fund.