2644

LAWS OF MARYLAND

Ch. 704

31-105.

(A)  (1) THE AUTHORITY MAY APPOINT AN EXECUTIVE DIRECTOR AND
COUNSEL, AND ANY OTHER OFFICERS, NONE OF WHOM MAY BE MEMBERS OF
THE AUTHORITY.

(2)  THE EXECUTIVE DIRECTOR SHALL:

(I)  SERVE AT THE PLEASURE OF THE AUTHORITY; AND

(II)  RECEIVE COMPENSATION AS FIXED BY THE
AUTHORITY.

(3)  THE EXECUTIVE DIRECTOR OR OTHER PERSON DESIGNATED
BY RESOLUTION OF THE AUTHORITY ; :

(I)  SHALL KEEP A RECORD OF THE PROCEEDINGS OF
THE AUTHORITY;

(II)  SHALL BE CUSTODIAN OF ALL BOOKS,
DOCUMENTS, AND PAPERS FILED WITH THE AUTHORITY, THE MINUTE BOOK
OR JOURNAL OF THE AUTHORITY, AND ITS OFFICIAL SEAL; AND

(III)  MAY CAUSE COPIES TO BE MADE OF ALL
MINUTES AND OTHER RECORDS AND DOCUMENTS OF THE AUTHORITY AND MAY
GIVE CERTIFICATES UNDER THE OFFICIAL SEAL OF THE AUTHORITY TO THE
EFFECT THAT THE COPIES ARE TRUE COPIES, AND ALL PERSONS DEALING
WITH THE AUTHORITY MAY RELY UPON THE CERTIFICATES.

(B)  (1) THREE MEMBERS OF THE AUTHORITY SHALL CONSTITUTE A
QUORUM.

(2) THE AFFIRMATIVE VOTE OF A MAJORITY OF THE MEMBERS
PRESENT SHALL BE NECESSARY FOR ANY ACTION TAKEN BY THE AUTHORITY.

(C)  (1) A VACANCY IN THE MEMBERSHIP OF THE AUTHORITY MAY
NOT IMPAIR THE RIGHT OF A QUORUM TO EXERCISE ALL THE RIGHTS AND
PERFORM ALL THE DUTIES OF THE AUTHORITY.

(2) ANY ACTION TAKEN BY THE AUTHORITY UNDER THIS
SUBTITLE MAY BE AUTHORIZED BY RESOLUTION AT ANY REGULAR OR
SPECIAL MEETING AND MAY TAKE EFFECT IMMEDIATELY AND NEED NOT BE
PUBLISHED.

(D)  (1) THE AUTHORITY MAY ISSUE BONDS FOR THE PURPOSE OF
MAKING AUTHORITY LOANS OR EDUCATION LOANS.

(2)  BONDS ISSUED UNDER THIS SECTION SHALL BE
OBLIGATIONS OF THE PRINCE GEORGE'S COUNTY SUPPLEMENTAL HIGHER
EDUCATION LOAN AUTHORITY ONLY AND NOT OF THE STATE OR OF THE
COUNTY.

(3)  THE BONDS AUTHORIZED TO BE ISSUED UNDER THIS
SUBTITLE MAY BE ISSUED WITHOUT AN ELECTION REFERENDUM OR ANY
OTHER PROCEEDINGS OR THE HAPPENING OF ANY OTHER CONDITIONS OR