§ 5-512. Powers and duties

   (a) In general. -- The Authority exercises its powers and performs its duties subject to the authority of the Secretary.

(b) Powers. -- The Authority may:

   (1) adopt bylaws for the conduct of its business;

   (2) adopt a seal;

   (3) maintain offices in the State;

   (4) sue and be sued in its own name;

   (5) retain consultants;

   (6) use the services of governmental units;

   (7) contract for and accept, to carry out this subtitle, a loan or grant from the federal government, a political subdivision of the State, or any other source;

   (8) purchase, receive, lease as lessee, or otherwise acquire, sell, mortgage, lease as lessor, pledge, administer, dispose of, or otherwise deal with property given as collateral under a loan agreement on the terms and conditions it considers advisable;

   (9) adopt regulations necessary to carry out its powers;

   (10) acquire or take assignments of loan documents; and

   (11) do anything necessary or convenient to carry out its powers.

(c) Duties. -- The Authority shall:

   (1) in its internal functions, follow the procedures of the State that govern the purchase of office space, supplies, facilities, materials, equipment, and professional services;

   (2) keep proper records of its accounts;

   (3) keep separate records for:

      (i) the Small Business Development Contract Financing Fund under Part III of this subtitle;

      (ii) the Small Business Development Guaranty Fund under Part IV of this subtitle;

      (iii) the Equity Participation Investment Program Fund under Part V of this subtitle; and

      (iv) the Small Business Surety Bond Fund under Part VI of this subtitle; and

   (4) on or before December 31 of each year, submit a report on its condition and operations to the Governor and, in accordance with § 2-1246 of the State Government Article, to the General Assembly.

HISTORY: An. Code 1957, art. 83A, § 5-1007(e), 5-1009(a), 5-1010, 5-1011; 2008, ch. 306, § 2.