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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION I. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
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TITLE 5. ECONOMIC DEVELOPMENT AND FINANCIAL ASSISTANCE PROGRAMS |
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SUBTITLE 5. MARYLAND SMALL BUSINESS DEVELOPMENT FINANCING AUTHORITY |
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PART II. MARYLAND SMALL BUSINESS DEVELOPMENT FINANCING AUTHORITY |
§ 5-506. Membership
Latest version.
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(a) Composition. -- The Authority consists of the following nine members:
(1) seven members appointed by the Governor;
(2) the Secretary or the Secretary's designee; and
(3) (i) the Comptroller or the Treasurer as designated by the Governor; or
(ii) the designee of the Governor's designee.
(b) Tenure; vacancies. --
(1) The term of an appointed member is 5 years.
(2) The terms of appointed members are staggered as required for appointments to the Authority 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.
(c) Removal. -- The Governor may remove an appointed member for cause.