Section 10-705 - Board of Trustees.
§ 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.
[An. Code 1957, art. 83A, § 5-304(b)-(d); 2008, ch. 306, § 2.]