A Board of Directors shall manage the Corporation and exercise its powers. The Board consists of the following 12 members: as ex officio voting members: the Secretary; and the Secretary of Transportation; and the following members, appointed by the Governor with the advice and consent of the Senate: two representatives of local government; three members who are knowledgeable in real estate or commercial financing; three members who are knowledgeable in industrial development or industrial relations; and two members of the general public. Each member of the Board shall be a resident of the State. In appointing Board members, the Governor shall consider geographic diversity and minority representation. The term of an appointed member is 4 years. The terms of the appointed members are staggered as required by the terms provided for members of the Board on October 1, 2008. At the end of a term, a member continues to serve until a successor is appointed and qualifies. 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. Before taking office, each member appointed to the Board shall take the oath required by Article 1, § 9 of the Maryland Constitution.