1. (a) A Board of Directors shall manage the Corporation and exercise its powers.

2. (b) The Board consists of the following 12 members:

   1. (1) as ex officio voting members:

      1. (i) the Secretary; and
      2. (ii) the Secretary of Transportation; and

   2. (2) the following members, appointed by the Governor with the advice and consent of the Senate:

      1. (i) two representatives of local government;
      2. (ii) three members who are knowledgeable in real estate or commercial financing;
      3. (iii) three members who are knowledgeable in industrial development or industrial relations; and
      4. (iv) two members of the general public.
3. (c) Each member of the Board shall be a resident of the State.
4. (d) In appointing Board members, the Governor shall consider geographic diversity and minority representation.

5. (e)

   1. (1) The term of an appointed member is 4 years.
   2. (2) The terms of the appointed members are staggered as required by the terms provided for members of the Board on October 1, 2008.
   3. (3) At the end of a term, a member continues to serve until a successor is appointed and qualifies.
   4. (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.
6. (f) Before taking office, each member appointed to the Board shall take the oath required by Article 1, § 9 of the Maryland Constitution.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.