Section 10-106 - Board of Directors. - Maryland Statutes

§ 10-106. Board of Directors.
 

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

(b)  Composition; appointment of members.- The Board consists of the following 12 members: 

(1) as ex officio voting members: 

(i) the Secretary; and 

(ii) the Secretary of Transportation; and 

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

(i) two representatives of local government; 

(ii) three members who are knowledgeable in real estate or commercial financing; 

(iii) three members who are knowledgeable in industrial development or industrial relations; and 

(iv) two members of the general public. 

(c)  Qualifications.- Each member of the Board shall be a resident of the State. 

(d)  Diversity.- In appointing Board members, the Governor shall consider geographic diversity and minority representation. 

(e)  Tenure; vacancies.-  

(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 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. 

(f)  Oath.- Before taking office, each member appointed to the Board shall take the oath required by Article 1, § 9 of the Maryland Constitution. 
 

[An. Code 1957, art. 83A, § 5-203(b); 2008, ch. 306, § 2.]