§ 5–506

Statutes in effect as of October 1, 2026.

Md. Code Ann., Econ. Dev. § 5-506 (2026)

Title 5. Economic Development and Financial Assistance Programs

Subtitle 5. Maryland Small Business Development Financing Authority

(a)

The Authority consists of the following nine members:

(1)

seven members appointed by the Governor;

(2)

the Secretary or the Secretary’s designee; and

(3)

(i)

the Comptroller or the Treasurer as designated by the Governor; or

(ii)

the designee of the Governor’s designee.

(b)

(1)

The term of an appointed member is 5 years.

(2)

The terms of appointed members are staggered as required for appointments to the Authority on October 1, 2008.

(3)

At the end of a term, an appointed 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.

(c)

The Governor may remove an appointed member for cause.