(a) To qualify as the County’s Green Bank, a corporation’s articles of incorporation must provide that the corporation is:
(1) a tax-exempt nonprofit corporation;
(2) not an instrumentality of the County; and
(3) incorporated for the sole purpose of serving as the County’s Green Bank.
(b) The Green Bank’s bylaws may contain any provision, not inconsistent with law or the articles of incorporation, necessary to govern and manage the Bank. The Green Bank may exercise all powers and is subject to all applicable provisions of the Financial Institutions Article of the Maryland Code.
(c) The Board must adopt and may amend the Green Bank’s bylaws. The Board must submit any proposed amendment to the articles of incorporation or bylaws to the Executive and Council for review and comment at least 60 days before the Board takes final action on the amendment. The Board must submit a copy of each adopted amendment to the Executive and Council within 5 days after adoption.
(d) The bylaws must require the Green Bank to comply with the Maryland Open Meetings Act and provide that all meetings of the Board of Directors must be open to the public except when closed on a recorded vote of the Board for a reason expressly listed in the state law. (2015 L.M.C., ch. 35, § 1.)