2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 10-403 - Board of Directors

§10-403.

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

(b) The Board consists of the following 15 members:

(1) the Secretary; and

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

(i) two representing the not-for-profit 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; and

(v) three members of the general public.

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

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

(1) diversity; and

(2) all geographic regions of the State.

(e) 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.

(f) (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.

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

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

(i) The Board may act with an affirmative vote of eight Board members.