{"data":{"id":"us-md/md.-code-economic-development-10-705","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 10–705","heading":"","body":"(a) There is a Board of Trustees of the Trust.\n(b) (1) The Board consists of seven members appointed by the Governor with the advice and consent of the Senate.\n(2) Of the seven members:\n(i) four shall represent the investors and have been recommended to the Governor by the investors;\n(ii) at least one shall have expertise in venture capital financing; and\n(iii) at least one shall have experience as a small business owner.\n(3) Each member shall be a resident of the State.\n(4) The Governor shall consider geographic diversity of the State when appointing members of the Board.\n(c) (1) The term of a member is 4 years.\n(2) The terms of members are staggered as required by the terms provided for members of the Board on October 1, 2008.\n(3) At the end of a term, a member continues to serve until a successor is appointed and qualifies.\n(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.\n(5) The Governor may remove a member with or without cause.\n(d) The Governor shall appoint a chair from among the Board members.\n(e) (1) A majority of the members then serving on the Board is a quorum.\n(2) A majority vote of the members present at a meeting having a quorum is needed for the Board to act.\n(f) A member of the Board:\n(1) may not receive compensation as a member of the Board; but\n(2) is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.\n(g) The Board:\n(1) shall manage the Trust; and\n(2) exercises all of the corporate powers of the Trust.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=10-705","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"c3d08f9367bf38e65d274e7d5cc8096d0dc99af1da5f2dbd5050b634f6f2f6b9","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-10-704","next":"us-md/md.-code-economic-development-10-706"},"notice":"GroundRules: Original legal text. Not legal advice."}