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Statutes Text

Article - Economic Development




§10–403.

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

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

            (ii)    If a 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 15 members:

        (1)    the Secretary or the Secretary’s designee; and

        (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; 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 nine Board members.