Section 5-512 - Powers and duties. - Maryland Statutes

§ 5-512. Powers and duties.
 

(a)  In general.- The Authority exercises its powers and performs its duties subject to the authority of the Secretary. 

(b)  Powers.- The Authority may: 

(1) adopt bylaws for the conduct of its business; 

(2) adopt a seal; 

(3) maintain offices in the State; 

(4) sue and be sued in its own name; 

(5) retain consultants; 

(6) use the services of governmental units; 

(7) contract for and accept, to carry out this subtitle, a loan or grant from the federal government, a political subdivision of the State, or any other source; 

(8) purchase, receive, lease as lessee, or otherwise acquire, sell, mortgage, lease as lessor, pledge, administer, dispose of, or otherwise deal with property given as collateral under a loan agreement on the terms and conditions it considers advisable; 

(9) adopt regulations necessary to carry out its powers; 

(10) acquire or take assignments of loan documents; and 

(11) do anything necessary or convenient to carry out its powers. 

(c)  Duties.- The Authority shall: 

(1) in its internal functions, follow the procedures of the State that govern the purchase of office space, supplies, facilities, materials, equipment, and professional services; 

(2) keep proper records of its accounts; 

(3) keep separate records for: 

(i) the Small Business Development Contract Financing Fund under Part III of this subtitle; 

(ii) the Small Business Development Guaranty Fund under Part IV of this subtitle; 

(iii) the Equity Participation Investment Program Fund under Part V of this subtitle; and 

(iv) the Small Business Surety Bond Fund under Part VI of this subtitle; and 

(4) on or before December 31 of each year, submit a report on its condition and operations to the Governor and, in accordance with § 2-1246 of the State Government Article, to the General Assembly. 
 

[An. Code 1957, art. 83A, §§ 5-1007(e), 5-1009(a), 5-1010, 5-1011; 2008, ch. 306, § 2.]