PARRIS N. GLENDENING, Governor                             Ch. 120

[5-1A-02.] 5-302.

This subtitle shall be liberally construed to effect its purposes.
[5-1A-03.] 5-303.

(a)     The General Assembly finds that:

(1)     Small businesses are a major source of new jobs and innovations in the
State;

(2)     The State's research capacity could spur innovation in new and existing
businesses to create and maintain jobs in the State; and

(3)     An inadequate supply of seed and venture capital has limited the
commercialization of research and development activity in the State.

(b)     The General Assembly intends that the Maryland Venture Capital Trust shall:

(1)     Help fill the critical gap in the State's economy caused by the inadequate
supply of seed and venture capital funds; and

(2)     Stimulate the commercialization of research and development to create
and sustain businesses throughout the State in all regions of the State.

[5-1A-04.] 5-304.

(a)     The Trust is a body politic and corporate and is constituted as a public
instrumentality of the State.

(b)     A Board of Trustees shall manage the Trust and shall exercise all of its
corporate powers.

(c)     (1) The Governor shall appoint 7 individuals, with the advice and consent of
the Senate, to constitute the Trust's Board of Trustees. The Board of Trustees shall be
citizens of the State. In appointing the trustees, the Governor shall give due consideration
to geographic representation of the State.

(2)     Each trustee shall serve at the pleasure of the Governor without
compensation, except that each trustee shall be entitled to reimbursement for expenses
under the Standard State Travel Regulations, as provided in the State budget.

(3)     Four of the trustees shall represent the participating investors and each
must have been recommended to the Governor as a trustee by the participating investors.

(4)     At least 1 trustee must have expertise in venture capital financing.

(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.

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