Section 10-705 - Board of Trustees. - Maryland Statutes

§ 10-705. Board of Trustees.
 

(a)  Established.- There is a Board of Trustees of the Trust. 

(b)  Composition.-  

(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. 

(c)  Tenure; vacancies; removal.-  

(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. 

(d)  Chair.- The Governor shall appoint a chair from among the Board members. 

(e)  Quorum; voting.-  

(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. 

(f)  Compensation; reimbursement for expenses.- 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. 

(g)  Duties.- The Board: 

(1) shall manage the Trust; and 

(2) exercises all of the corporate powers of the Trust. 
 

[An. Code 1957, art. 83A, § 5-304(b)-(d); 2008, ch. 306, § 2.]