{"data":{"id":"us-md/md.-code-economic-development-5-512","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 5–512","heading":"","body":"(a) The Authority exercises its powers and performs its duties subject to the authority of the Secretary.\n(b) The Authority may:\n(1) adopt bylaws for the conduct of its business;\n(2) adopt a seal;\n(3) maintain offices in the State;\n(4) sue and be sued in its own name;\n(5) retain consultants;\n(6) use the services of governmental units;\n(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;\n(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;\n(9) adopt regulations necessary to carry out its powers;\n(10) acquire or take assignments of loan documents; and\n(11) do anything necessary or convenient to carry out its powers.\n(c) The Authority shall:\n(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;\n(2) keep proper records of its accounts;\n(3) keep separate records for:\n(i) the Small Business Development Contract Financing Fund under Part III of this subtitle;\n(ii) the Small Business Development Guaranty Fund under Part IV of this subtitle;\n(iii) the Equity Participation Investment Program Fund under Part V of this subtitle; and\n(iv) the Small Business Surety Bond Fund under Part VI of this subtitle; and\n(4) in accordance with § 2.5–109 of this article, submit a report on its condition and operations.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=5-512","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"0bbec7de580234f4d802a3093cedfe23de3d8c0bec0cba0d859ba4aa9585d462","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-5-511","next":"us-md/md.-code-economic-development-5-513"},"notice":"GroundRules: Original legal text. Not legal advice."}