§ 10-705. Board of Trustees

   (a) Established. -- There is a Board of Trustees of the Trust.

(b) Composition. --

   (1) The Board consists of seven members appointed by the Governor with the advice and consent of the Senate.

   (2) Of the seven members:

      (i) four shall represent the investors and have been recommended to the Governor by the investors;

      (ii) at least one shall have expertise in venture capital financing; and

      (iii) at least one shall have experience as a small business owner.

   (3) Each member shall be a resident of the State.

   (4) The Governor shall consider geographic diversity of the State when appointing members of the Board.

(c) Tenure; vacancies; removal. --

   (1) The term of a member is 4 years.

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

   (3) At the end of a term, a 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.

   (5) The Governor may remove a member with or without cause.

(d) Chair. -- The Governor shall appoint a chair from among the Board members.

(e) Quorum; voting. --

   (1) A majority of the members then serving on the Board is a quorum.

   (2) A majority vote of the members present at a meeting having a quorum is needed for the Board to act.

(f) 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.

(g) Duties. -- The Board:

   (1) shall manage the Trust; and

   (2) exercises all of the corporate powers of the Trust.

HISTORY: An. Code 1957, art. 83A, § 5-304(b)-(d); 2008, ch. 306, § 2.