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

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

   1. (1) the Comptroller or the Comptroller's designee;
   2. (2) the Secretary or the Secretary's designee;
   3. (3) the Secretary of Housing and Community Development or the Secretary's designee;
   4. (4) the Secretary of Planning or the Secretary's designee;
   5. (5) the Secretary of General Services or the Secretary's designee; and

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

      1. (i) one representative of nonprofit entities in the State; and
      2. (ii) one representative of low-income communities.
3. (c) A member of the Board shall reside in the State.

4. (d) In making appointments to the Board, the Governor shall consider:

   1. (1) diversity; and
   2. (2) all geographic regions of the State.

5. (e) A member of the Board:

   1. (1) may not receive compensation as a member of the Board; but
   2. (2) is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.

6. (f)

   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 on October 1, 2024.
   3. (3) At the end of a term, an appointed 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.

7. (g)

   1. (1) This subsection applies to a member who is appointed by the Governor under subsection (b)(6) of this section.
   2. (2) The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.

Added by Acts 2024, c. 123, § 1, eff. July 1, 2024.