Sec. 15A-2. Designation.

The County Council must designate, by resolution approved by the County Executive, a single nonprofit corporation which complies with all requirements and criteria of this Article as the Montgomery County Economic Development Corporation. If the Executive disapproves the resolution within 10 days after receiving it, the Council may readopt the resolution with at least 6 affirmative votes.

To continue to qualify as the County’s Economic Development Corporation, the Corporation’s articles of incorporation and bylaws must comply with all requirements of this Article.

Any designation under this Section expires at the end of the fifth full fiscal year after the resolution is adopted unless the Council extends the designation by adopting another resolution under this Section.

The Council at any time may suspend or revoke the designation of a corporation as the County’s Economic Development Corporation by resolution, adopted after at least 15 days public notice that is approved by the Executive, or, if the Executive disapproves the resolution within 10 days after receiving it, is readopted by a vote of at least 6 Councilmembers.