766

LAWS OF MARYLAND

Ch. 49

(a) The Maryland Industrial Development Financing
Authority, hereinafter in this subtitle called the
Authority, is hereby created and established a body
corporate and politic and is constituted a public
instrumentality of the State, and the exercise by the
Authority of the powers conferred by the provisions of this
subtitle shall be deemed and held to be the performance of
essential governmental functions. The Authority shall
consist of seven members, appointed by the Secretary of
Economic and Community Development, with the approval of the
Governor.

(b)(1) In July of 1979, the Secretary, with the
approval of the Governor, shall appoint to the Authority two
members, in addition to the five members provided for in the
act creating the Authority.

(2)  The term of a member is 5 years and
commences on July 1 of the year of appointment. However, of
the two members appointed in July of 1979, one serves a
3-year term.

(3)  The terms of five members are staggered as
required fox the original appointments to the Authority, and
the terms of two members are staggered as required for the
appointments in July of 1979. In June of 1980 and each
subsequent year, the Secretary, with approval of the
Governor, shall make the required appointments.

(4)  At the end of a term, a member continues to
serve until a successor is appointed and qualifies.

(5)  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.

(6)  A member may succeed himself.

(7) A member may be removed by the Governor at
his pleasure.

(c) 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
provisions of §§ 46 through 50 of Article 78A of this Code.
Four members of the Authority shall constitute a quorum and
any action taken by the Authority shall be by an affirmative
vote of at least four members A vacancy in the membership
of the Authority or disqualification of a member under §
266AA does not impair the right of the quorum to exercise
all rights and perform all the duties of the Authority. All
members of the Authority shall be reimbursed for their
expenses incurred in the performance of their duties in
accordance with the standard travel regulations.