The Authority exercises its powers and performs its duties subject to the authority of the Secretary. The Authority may: adopt bylaws for the conduct of its business; adopt a seal; maintain offices in the State; sue and be sued in its own name; retain consultants; use the services of governmental units; 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; 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; adopt regulations necessary to carry out its powers; acquire or take assignments of loan documents; and do anything necessary or convenient to carry out its powers. The Authority shall: in its internal functions, follow the procedures of the State that govern the purchase of office space, supplies, facilities, materials, equipment, and professional services; keep proper records of its accounts; keep separate records for: the Small Business Development Contract Financing Fund under Part III of this subtitle; the Small Business Development Guaranty Fund under Part IV of this subtitle; the Equity Participation Investment Program Fund under Part V of this subtitle; and the Small Business Surety Bond Fund under Part VI of this subtitle; and in accordance with § 2.5–109 of this article, submit a report on its condition and operations.