(a) Subject to the requirements of this title, the organizational documents of the Fund shall govern the operation of the Board, including quorum and voting requirements.
(b) The Board has all powers arising from the documents and procedures creating and organizing the Fund as an independent legal entity.
(c) The Board shall:
(1) operate the Fund;
(2) keep proper records of the Board’s accounts;
(3) establish standards and guidelines for:
(i) the terms and conditions of community reinvestment assistance and other Fund reinvestments; and
(ii) allocating community reinvestment assistance and other Fund investments;
(4) apportion among Fund transactions the operating costs of the Fund; and
(5) within the first 90 days of each fiscal year, make an annual report of Fund activities to the Governor and, subject to § 2–1257 of the State Government Article, to the General Assembly.
(d) (1) The Board shall appoint a loan committee to review and make determinations on specific requests or categories of requests for community reinvestment assistance to community reinvestment projects.
(2) The loan committee may review and make recommendations to the Board on other matters as the Board determines, including eligibility guidelines and financing policies for community reinvestment projects.
(3) The loan committee consists of:
(i) the Secretary of Housing and Community Development and the Secretary of Commerce or their designees as nonvoting members; and
(ii) the voting members that the Board appoints or their designees.
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