A memorandum of understanding shall contain all matters of agreement reached in the collective bargaining process. The memorandum shall be in writing and signed by the exclusive representative involved in the collective bargaining negotiations and: for a memorandum of understanding relating to the State, the Governor or the Governor’s designee; for a memorandum of understanding relating to the Maryland Environmental Service, the Board of Directors of the Service; for a memorandum of understanding relating to a system institution of the University System of Maryland, the Chancellor or the Chancellor’s designee; and for a memorandum of understanding relating to Morgan State University, St. Mary’s College of Maryland, or Baltimore City Community College, the governing board of the institution or the governing board’s designee. No memorandum of understanding is valid if it extends for less than 1 year or for more than 3 years. Except as provided in paragraphs (2) and (3) of this subsection, a memorandum of understanding is not effective until it is ratified by the Governor and a majority of the votes cast by the employees in the bargaining unit. In the case of a State institution of higher education or the University System of Maryland, a memorandum of understanding is not effective until it is ratified by the institution’s governing board or the University System of Maryland Board of Regents and a majority of the votes cast by the employees in the bargaining unit. In the case of the Maryland Environmental Service, a memorandum of understanding is not effective until it is ratified by the Board of Directors of the Service and a majority of the votes cast by the employees in the bargaining unit.