1. (a) The Authority consists of the following nine members:

   1. (1) seven members appointed by the Governor with the advice and consent of the Senate;
   2. (2) one member appointed by the President of the Senate; and
   3. (3) one member appointed by the Speaker of the House.

2. (b)

   1. (1) Of the seven members appointed by the Governor:

      1. (i) 1. at least four shall have experience in working with companies that have raised investment capital for seed-stage to venture-stage companies or in providing professional services to the venture capital industry; and

         1. 2. one of the four members selected under item 1 of this item shall have experience in higher education research and development and technology transfer projects;
      2. (ii) at least one shall have experience as a small business owner;
      3. (iii) at least one shall have experience as a business executive that has raised venture capital investments; and
      4. (iv) at least one shall be a resident of a rural county in the State.
   2. (2) The Governor shall consider the geographic diversity of the State when appointing members.

3. (c) The members appointed by the President and the Speaker:

   1. (1) may not be elected officials; and
   2. (2) shall have experience and expertise in venture capital investments.
4. (d) Each member shall be a resident of the State.

5. (e)

   1. (1) The term of a member is 4 years.
   2. (2) At the end of a term, a member continues to serve until a successor is appointed.
   3. (3) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.
   4. (4) A member appointed by the Governor may be removed by the Governor with or without cause.
   5. (5) The terms of the members are staggered as required by the terms provided for members of the Authority on July 1, 2011.
6. (f) In addition to the requirements of Title 5 of the General Provisions Article, a member of the Authority may not be employed by or have any financial interest in a purchaser, qualified business, or venture firm or hold any other employment relationship or financial interest that would impair the impartiality and independent judgment of the member.
7. (g) The Authority may not have additional advisors or advisory boards, whether acting informally or formally constituted, other than as appointed or designated in this subtitle.

Added as Economic Development § 6-505 by Acts 2011, c. 409, § 1, eff. July 1, 2011. Renumbered as Economic Development § 10-475 and amended by Acts 2015, c. 141, § 2, eff. Oct. 1, 2015. Amended by Acts 2019, c. 487, § 1, eff. June 1, 2019; Acts 2019, c. 488, § 1, eff. June 1, 2019. Renumbered as Economic Development § 10-4A-03 by Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.