WILLIAM DONALD SCHAEFER, Governor

OPERATION OF THE BOARD SHALL BE GOVERNED BY THE
ORGANIZATIONAL DOCUMENTS OF THE FUND, INCLUDING QUORUM
AND VOTING REQUIREMENTS, APPOINTMENTS OF VOTING TRUSTEES,
AND REMOVAL OF VOTING TRUSTEES.

(F) IN ADDITION TO ANY OTHER POWERS SET FORTH IN THIS
TITLE, THE BOARD SHALL HAVE ALL POWERS AT LAW OR IN EQUITY
ARISING FROM THE DOCUMENTS AND PROCEDURES CREATING AND
ORGANIZING THE FUND AS AN INDEPENDENT LEGAL ENTITY.

10-106.

THE BOARD SHALL:

(1) KEEP PROPER RECORDS OF ITS ACCOUNTS;

(2) ESTABLISH CRITERIA AND GUIDELINES FOR:

(I) THE TERMS AND CONDITIONS OF COMMUNITY
REINVESTMENT ASSISTANCE AND OTHER FUND REINVESTMENTS; AND

(II) PROCEDURES FOR ALLOCATING COMMUNITY
REINVESTMENT ASSISTANCE AND OTHER FUND INVESTMENTS;

(3) APPORTION AMONG FUND TRANSACTIONS THE
OPERATING COSTS INCURRED IN THE ADMINISTRATION OF THE FUND;

(4) WITHIN THE FIRST 90 DAYS AFTER THE BEGINNING OF
EACH FISCAL YEAR, MAKE AN ANNUAL REPORT ON THE ACTIVITIES OF
THE FUND TO THE GOVERNOR:

(I) THE GOVERNOR; AND

(II) SUBJECT TO § 2-1312 OF THE STATE GOVERNMENT
ARTICLE, THE GENERAL ASSEMBLY; AND

(5) (I) APPOINT A LOAN COMMITTEE TO REVIEW AND MAKE
DETERMINATIONS ON SPECIFIC REQUESTS OR CATEGORIES OF
REQUESTS FOR COMMUNITY REINVESTMENT ASSISTANCE TO
COMMUNITY REINVESTMENT PROJECTS.

(II) THE LOAN COMMITTEE MAY REVIEW AND MAKE
RECOMMENDATIONS TO THE BOARD ON OTHER MATTERS AS
DETERMINED BY THE BOARD, INCLUDING ELIGIBILITY GUIDELINES
AND FINANCING POLICIES FOR COMMUNITY REINVESTMENT PROJECTS.

(III) THE LOAN COMMITTEE SHALL BE COMPOSED OF:

1. THE SECRETARY AND THE SECRETARY OF

ECONOMIC AND EMPLOYMENT DEVELOPMENT OR THEIR DESIGNEES AS
EX OFFICIO NONVOTING MEMBERS; AND

2. SUCH VOTING MEMBERS OF THE BOARD OR

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