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§ 10-705. Board of Trustees

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 7. Maryland Venture Capital Trust (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 10-705
§ 10-705. Board of Trustees
Currentness
Established
(a) There is a Board of Trustees of the Trust.
Composition
(b)(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.
Term; vacancies; removal
(c)(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.
Chair
(d) The Governor shall appoint a chair from among the Board members.
Quorum; voting
(e)(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.
Compensation; reimbursement for expenses
(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.
Duties
(g) The Board:
(1) shall manage the Trust; and
(2) exercises all of the corporate powers of the Trust.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 10-705, MD ECON DEV § 10-705
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document