2632

LAWS OF MARYLAND

Ch. 498

DISTRESS AND THAT IT EXERCISE ITS CORPORATE POWERS TO ASSIST
STATE AND LOCAL ECONOMIC DEVELOPMENT AGENCIES CONTRIBUTE IN THE
EXPANSION, MODERNIZATION, AND RETENTION OF EXISTING MARYLAND
ENTERPRISES AS WELL AS THE ATTRACTION OF NEW BUSINESS TO THE
STATE. IN FURTHERANCE OF THE PURPOSES OF THIS SUBTITLE, IT IS
ALSO INTENDED THAT THE CORPORATION STRUCTURE ITS PROJECTS IN A
MANNER WHICH ACCELERATES THE TRANSFER OF FACILITIES AND SITES
INTO PRODUCTIVE USE IN THE PRIVATE SECTOR AND COOPERATE WITH
PRIVATE INDUSTRY COUNCILS, REPRESENTATIVES OF LABOR, AND LOCAL
GOVERNMENTS IN MAXIMIZING NEW ECONOMIC OPPORTUNITIES FOR THE
CITIZENS OF THIS STATE.

553.

(A)  THE CORPORATION IS CREATED AND ESTABLISHED AS A BODY
POLITIC AND CORPORATE AND IS CONSTITUTED AS A PUBLIC
INSTRUMENTALITY OF THE STATE OF MARYLAND. THE EXERCISE BY THE
CORPORATION OF THE POWERS CONFERRED BY THIS SUBTITLE SHALL BE
DEEMED TO BE THE PERFORMANCE OF AN ESSENTIAL PUBLIC FUNCTION.

(B)  (1) A BOARD OF DIRECTORS SHALL MANAGE THE AFFAIRS OF
THE CORPORATION AND SHALL EXERCISE ALL OF ITS CORPORATE POWERS.

(2)  THE BOARD OF DIRECTORS SHALL CONSIST OF 13
PERSONS APPOINTED BY THE GOVERNOR, ALL OF WHOM SHALL BE CITIZENS
OF THE STATE. THE SECRETARIES OF ECONOMIC AND COMMUNITY
DEVELOPMENT, EMPLOYMENT AND TRAINING, AND TRANSPORTATION SHALL BE
EX OFFICIO VOTING MEMBERS. TWO MEMBERS SHALL REPRESENT LOCAL
GOVERNMENT. OF THE REMAINING MEMBERS OF THE BOARD, 3 MEMBERS
SHALL BE KNOWLEDGEABLE IN REAL ESTATE OR COMMERCIAL FINANCING, 3
MEMBERS SHALL BE KNOWLEDGEABLE IN INDUSTRIAL DEVELOPMENT OR
INDUSTRIAL RELATIONS, AND 2 MEMBERS SHALL REPRESENT THE GENERAL
PUBLIC. THE GOVERNOR SHALL CONSIDER GEOGRAPHICAL BALANCE AND
MINORITY REPRESENTATION IN MAKING THE APPOINTMENTS. EACH MEMBER
OF THE BOARD WHO IS NOT AN EX OFFICIO MEMBER SHALL BE APPOINTED
WITH THE ADVICE AND CONSENT OF THE SENATE.

(3)  THE TERMS OF A MEMBER OF THE BOARD, EXCLUDING AN
EX OFFICIO MEMBER, IS 4 YEARS. EACH MEMBER SHALL TAKE AN OATH TO
ADMINISTER THE DUTIES OF THE OFFICE FAITHFULLY AND IMPARTIALLY.
THE TERMS OF MEMBERS ARE STAGGERED AS REQUIRED BY THE TERMS
PROVIDED FOR MEMBERS OF THE BOARD ON JULY 1, 1984. AT THE END OF
A TERM, A MEMBER CONTINUES TO SERVE UNTIL A SUCCESSOR IS
APPOINTED AND QUALIFIES. 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.

(4) A MEMBER OF THE BOARD SERVES AT THE PLEASURE OF
THE GOVERNOR.

(C)  THE BOARD SHALL ELECT 1 OF ITS MEMBERS AS CHAIRMAN, 1
AS VICE CHAIRMAN, AND 1 AS TREASURER. SEVEN MEMBERS OF THE BOARD
CONSTITUTE A QUORUM, BUT ACTION MAY NOT BE TAKEN BY LESS THAN THE
VOTE OF 7 MEMBERS. A VACANCY IN THE MEMBERSHIP OF THE BOARD OF
DIRECTORS DOES NOT IMPAIR THE RIGHT OF A QUORUM OF THE BOARD OF