(a) To qualify as the County’s Economic Development Corporation, the Corporation’s articles of incorporation must provide for the appointment of the members of its board of directors as set forth in this Article. The articles of incorporation must also provide that the Corporation is:
(1) a Maryland nonprofit, non-stock corporation the purposes and activities of which are limited to those that are permitted to be promoted or performed by a corporation that is recognized as exempt from federal income tax under 26 U.S.C. § 501;
(2) not an instrumentality of the County;
(3) incorporated for the purpose of serving as the County’s Economic Development Corporation and implementing the County’s economic development strategic plan, adopted under Section 20-76, and related programs. These programs must include:
(A) attracting and retaining businesses;
(B) facilitating economic, industrial, and commercial development in the County;
(C) encouraging investment in commerce, industries, and businesses in the County;
(D) promoting job growth and talent attraction, in coordination with the Montgomery County Workforce Development Board;
(E) advising and informing County officials on economic development matters;
(F) providing services to resident businesses in the County, including business retention, counseling, business planning, and other services to maintain and grow the existing economic base;
(G) stimulating and nurturing the development of new business;
(H) supporting minority, female, and disabled owned businesses, including assisting minority, female, and disabled owned businesses to gain access to capital; and
(I) promoting the development of a vital and balanced economy.
(4) organized and operated under the laws of the State of Maryland; and
(5) headquartered in the County.
(b) The Corporation’s bylaws may contain any provision necessary to govern and manage the Corporation that does not conflict with this Article. The Corporation may exercise all powers and is subject to all requirements which apply to non-stock corporations under the Corporations and Associations Article of the Maryland Code.
(c) The bylaws must require the Corporation to comply with the Maryland Open Meetings law and the Maryland Public Information Act. (2010 L.M.C., ch. 37, § 1; 2015 L.M.C., ch. 36, § 1; 2015 L.M.C., ch. 48, § 1; 2018 L.M.C., ch. 14, § 1.)