(a) The Authority exercises its powers and performs its duties subject to the authority of the Secretary.
(b) The Authority may:
(1) adopt bylaws for the conduct of its business;
(2) adopt a seal;
(3) maintain offices in the State;
(4) sue and be sued in its own name;
(5) retain consultants;
(6) use the services of governmental units;
(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) 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) adopt regulations necessary to carry out its powers;
(10) acquire or take assignments of loan documents; and
(11) do anything necessary or convenient to carry out its powers.
(c) The Authority shall:
(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) keep proper records of its accounts;
(3) keep separate records for:
(i) the Small Business Development Contract Financing Fund under Part III of this subtitle;
(ii) the Small Business Development Guaranty Fund under Part IV of this subtitle;
(iii) the Equity Participation Investment Program Fund under Part V of this subtitle; and
(iv) the Small Business Surety Bond Fund under Part VI of this subtitle; and
(4) in accordance with § 2.5–109 of this article, submit a report on its condition and operations.