BLAIR LEE III, Acting Governor

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ABILITY TO OBTAIN FINANCIAL ASSISTANCE TO ENTER A BUSINESS
VENTURE, PROVIDED THE PHYSICAL HANDICAP DOES NOT LIMIT THE
INDIVIDUAL'S ABILITY TO PERFORM THE CONTRACT;

(3) A U.S. CITIZEN WHOSE PARTICIPATION IN THE
FREE ENTERPRISE SYSTEM IS IMPEDED DUE TO OTHER SOCIAL OR
ECONOMIC CONSIDERATIONS BEYOND HIS PERSONAL CONTROL, SUCH AS
FORMAL EDUCATION, FINANCIAL CAPACITY, GEOGRAPHICAL, OR
REGIONAL ECONOMIC DISTRESS, PROVIDED THE IMPEDIMENT DOES NOT
LIMIT THE INDIVIDUAL'S ABILITY TO PERFORM THE CONTRACT.

(D) "GOOD CHARACTER" INCLUDES GOOD MORAL CHARACTER,
AND RESPONSIBLE FINANCIAL REPUTATION AS DETERMINED FROM THE
BEST AVAILABLE SOURCES, INCLUDING, PAST AND PRESENT
CREDITORS, EMPLOYERS, AND OTHER INDIVIDUALS WHO HAVE
PERSONAL KNOWLEDGE OF THE APPLICANT.

(E) "WORKING CAPITAL" MEANS THOSE ASSETS REQUIRED FOR
THE PERFORMANCE OF A PARTICULAR GOVERNMENTAL CONTRACT
COVERING ITEMS OF SUPPLIES, MATERIALS, LABOR, OR EQUIPMENT
WHICH BECOME PART OF THE PRODUCT OR SERVICE TO BE DELIVERED
UNDER THE CONTRACT.

(F) "AUTHORITY" MEANS THE MARYLAND SHALL BUSINESS
DEVELOPMENT FINANCING AUTHORITY.

266HH-3.

(A) THERE IS A MARYLAND SHALL BUSINESS DEVELOPMENT
FINANCING AUTHORITY WITHIN THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT.

(B) THE AUTHORITY SHALL CONSIST OF FIVE DIRECTORS,
APPOINTED BY THE GOVERNOR FOR A TERM OF FIVE YEARS EACH
EXCEPT THAT THE ORIGINAL APPOINTMENTS SHALL BE AS PROVIDED
IN SUBSECTION (C).

(C) THE GOVERNOR SHALL APPOINT ONE DIRECTOR TO SERVE
UNTIL THE FIRST DAY OF JULY, 1979, AND UNTIL HIS SUCCESSOR
IS APPOINTED AND QUALIFIED; ONE DIRECTOR TO SERVE UNTIL THE
FIRST DAY OF JULY, 1980, AND UNTIL HIS SUCCESSOR IS
APPOINTED AND QUALIFIED; ONE DIRECTOR TO SERVE UNTIL THE
FIRST DAY OF JULY, 1981, AND UNTIL HIS SUCCESSOR IS
APPOINTED AND QUALIFIED; ONE DIRECTOR TO SERVE UNTIL THE
FIRST DAY OF JULY, 1982, AND UNTIL HIS SUCCESSOR IS
APPOINTED AND QUALIFIED; AND ONE DIRECTOR TO SERVE UNTIL THE
FIRST DAY OF JULY, 1983, AND UNTIL HIS SUCCESSOR IS
APPOINTED AND QUALIFIED.

(D) A VACANCY IN THE OFFICE OF A DIRECTOR, OTHER THAN
BY EXPIRATION, SHALL BE FILLED IN LIKE MANNER AS AN ORIGINAL
APPOINTMENT, BUT ONLY FOR THE REMAINDER OF THE TERM OF THE
RETIRING DIRECTOR. DIRECTORS MAY BE REMOVED BY THE GOVERNOR
FOR CAUSE. THE AUTHORITY SHALL ELECT ONE OF ITS MEMBERS AS
CHAIRMAN, ONE AS VICE CHAIRMAN, ONE AS TREASURER, AND SHALL
EMPLOY A MANAGER, WHO SHALL BE SECRETARY. THE SECRETARY AND
TREASURER SHALL, UPON ENTERING THE PERFORMANCE OF THEIR
DUTIES, BE COVERED BY A SURETY BOND IN ACCORDANCE WITH THE