1. (a) The Authority exercises its powers and performs its duties subject to the authority of the Secretary.

2. (b) The Authority may:

   1. (1) adopt bylaws for the conduct of its business;
   2. (2) adopt a seal;
   3. (3) maintain offices in the State;
   4. (4) sue and be sued in its own name;
   5. (5) retain consultants;
   6. (6) use the services of governmental units;
   7. (7) 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;
   8. (8) 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;
   9. (9) adopt regulations necessary to carry out its powers;
   10. (10) acquire or take assignments of loan documents; and
   11. (11) do anything necessary or convenient to carry out its powers.

3. (c) The Authority shall:

   1. (1) in its internal functions, follow the procedures of the State that govern the purchase of office space, supplies, facilities, materials, equipment, and professional services;
   2. (2) keep proper records of its accounts;

   3. (3) keep separate records for:

      1. (i) the Small Business Development Contract Financing Fund under Part III of this subtitle;
      2. (ii) the Small Business Development Guaranty Fund under Part IV of this subtitle;
      3. (iii) the Equity Participation Investment Program Fund under Part V of this subtitle; and
      4. (iv) the Small Business Surety Bond Fund under Part VI of this subtitle; and
   4. (4) in accordance with § 2.5-109 of this article, submit a report on its condition and operations.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2015, c. 22, § 5; Acts 2015, c. 58, § 1, eff. June 1, 2015.