Md. Code Ann., Econ. Dev. § 10-475
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2022
As of January 1, 2019
(a) The Authority consists of the following nine members:
(1) seven members appointed by the Governor with the advice and consent of the Senate;
(2) one member appointed by the President of the Senate; and
(3) one member appointed by the Speaker of the House.
(b) (1) Of the seven members appointed by the Governor:
(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
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;
(ii) at least one shall have experience as a small business owner;
(iii) at least one shall have experience as a business executive that has raised venture capital investments; and
(iv) at least one shall be a resident of a rural county in the State.
(2) The Governor shall consider the geographic diversity of the State when appointing members.
(c) The members appointed by the President and the Speaker:
(1) may not be elected officials; and
(2) shall have experience and expertise in venture capital investments.
(d) Each member shall be a resident of the State.
(e) (1) The term of a member is 4 years.
(2) At the end of a term, a member continues to serve until a successor is appointed.
(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) A member appointed by the Governor may be removed by the Governor with or without cause.
(5) The terms of the members are staggered as required by the terms provided for members of the Authority on July 1, 2011.
(f) A member of the Authority may not have any financial interest in a purchaser, qualified business, or venture firm.
(a) To qualify for participation in the Program, a small business shall meet the criteria in this section.
(b) The small business shall:
(1) meet the qualifications of a qualified business; and
(2) have received a Phase I or Phase II small business innovation research award or small business technology transfer award during the 6 months immediately preceding the submission of its application under § 10–476 of this part.
(c) An award or investment recipient that fails to fulfill the eligibility and maintenance requirements of the Program may be required to return all or part of the award or investment, as well as any accrued interest or fees, to the Program.
(d) The Program shall require an award or investment recipient to return to the Fund any money from an award or investment under this part, as well as any accrued interest or fees, if the recipient does not remain a qualified business for at least 2 years after receiving the award or investment payment.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.