WILLIAM DONALD SCHAEFER, Governor Ch. 222

(5) AT LEAST 1 TRUSTEE MUST HAVE EXPERIENCE AS A SMALL
BUSINESS ENTERPRISE OWNER.

(6) THE GOVERNOR SHALL APPOINT 1 OF THE TRUSTEES TO
SERVE AS CHAIRPERSON OF THE BOARD OF TRUSTEES.

(7) THE BOARD OF TRUSTEES MAY ACT WITH A MAJORITY
VOTE OF A QUORUM OF THE BOARD OF TRUSTEES. A QUORUM SHALL
CONSIST OF A MAJORITY OF THE TRUSTEES THEN SERVING ON THE
BOARD OF TRUSTEES.

(D) (1) THE TERM OF A TRUSTEE IS 4 YEARS.

(2) THE TERMS OF THE TRUSTEES ARE STAGGERED AS
REQUIRED BY THE TERMS PROVIDED FOR MEMBERS OF THE BOARD ON
JULY 1, 1990.

(3) AT THE END OF A TERM, A TRUSTEE CONTINUES TO SERVE
UNTIL A SUCCESSOR IS APPOINTED AND QUALIFIES.

(4) A TRUSTEE WHO IS APPOINTED AFTER A TERM HAS BEGUN
SERVES ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS
APPOINTED.

5-1A-05.

(A) THE TRUST MAY:

(1) SOLICIT AND ACCEPT FOR INVESTMENT IN THE TRUST
MONEY FROM ANY SOURCE INCLUDING NOT MORE THAN $2,000,000 IN
APPROPRIATIONS FROM THE STATE;

(2) ENTER INTO AGREEMENTS WITH THE PARTICIPATING
INVESTORS SETTING FORTH THE TERMS GOVERNING THE INVESTMENT
OF MONEY IN THE TRUST BY THE PARTICIPATING INVESTORS;

(3) BY PREPARING AND PUBLISHING REQUESTS FOR
PROPOSALS, SOLICIT OFFERINGS BY VENTURE CAPITALISTS AND
VENTURE CAPITAL FUNDS THAT MEET THE PURPOSES AND
REQUIREMENTS OF THE TRUST, WHICH SHALL BE SET FORTH IN THE
REQUESTS FOR PROPOSALS;

(4) SELECT CERTAIN VENTURE CAPITAL FUNDS IN WHICH TO
INVEST MONEY FROM THE TRUST, SUBJECT TO THE REQUIREMENTS SET
FORTH IN § 5-1A-06 OF THIS SUBTITLE;

(5) INVEST IN ANY VENTURE CAPITAL FUNDS SELECTED BY
THE TRUST IN AMOUNTS DEEMED APPROPRIATE BY THE BOARD OF
TRUSTEES;

(6) RETAIN INVESTMENT EARNINGS IN EXCESS OF

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