§ 10-403. Board of Directors

   (a) In general. -- A Board of Directors shall manage the Corporation and exercise its corporate powers.

(b) Appointment; composition. -- The Board consists of the following 15 members:

   (1) the Secretary; and

   (2) fourteen members appointed by the Governor with the advice and consent of the Senate:

      (i) two representing the not-for-profit research sector of the State;

      (ii) two with expertise in venture capital financing;

      (iii) five with experience in technology-based businesses;

      (iv) two representing colleges and universities; and

      (v) three members of the general public.

(c) Qualifications. -- A member of the Board shall reside in the State.

(d) Considerations. -- In making appointments to the Board, the Governor shall consider:

   (1) diversity; and

   (2) all geographic regions of the State.

(e) Compensation; reimbursement for expenses. -- A member of the Board:

   (1) may not receive compensation as a member of the Board; but

   (2) is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.

(f) Tenure; vacancies. --

   (1) The term of an appointed member is 4 years.

   (2) The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.

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

   (4) 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.

(g) Removal. -- The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.

(h) Chair. -- The Board shall elect a chair from among its members.

(i) Action. -- The Board may act with an affirmative vote of eight Board members.

HISTORY: An. Code 1957, art. 83A, § 5-2A-03(a)-(j); 2008, ch. 306, § 2.