Section 10-104 – Membership
(a) (1) The Board consists of 14 trustees. (2) The nonvoting trustees are: (i) the Secretary; (ii) a member of the House of Delegates, appointed by the Speaker of the House; and (iii) a member of the Senate, appointed by the President of the Senate. (3) With the advice and consent of the Senate, the Governor shall appoint 11 voting trustees, consisting […]
Section 11-103 – Purpose of Fund
The Department shall use the Fund to fulfill its obligations under any contract or agreement with the Appalachian Regional Commission.
Section 10-105 – Chair
The Governor shall appoint one of the trustees to serve as chair of the Board.
Section 9-204 – Operation, Powers, and Duties
(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 […]
Section 9-301 – Established; Purpose of Fund
(a) There is a Community Reinvestment Fund. (b) The purpose of the Fund is to administer the use and reinvestment of money that may be credited, paid, or otherwise transferred to the Fund from any entity approved by the Board to participate in the Fund, including a bank, savings institution, or other financial institution.
Section 9-302 – Status; Exemptions
(a) (1) The Fund is a private, independent legal entity to be assisted by the Department under this title and is not a governmental unit of the State. (2) Any dividends, royalties, or other earnings received from community reinvestment assistance, or from any other investment made by the Board under this title, is money of the Fund, and […]
Section 9-303 – Organization
(a) The Board shall determine the form of the independent legal entity constituting the Fund in accordance with the organizational documents of the Fund. (b) In accordance with the organizational documents of the Fund, an entity contributing money to the Fund may be entitled to receive: (1) interests in the Fund in proportion to the entity’s contribution, in […]
Section 9-304 – Application of Other Laws
(a) Titles 11 through 17 of the State Finance and Procurement Article do not apply to the operation of or any transactions made by the Fund. (b) Meetings of the Board or its members or of employees or agents of the Fund are not subject to State requirements for open or public meetings, including any requirements for […]
Section 9-305 – Use of Fund Money
(a) The Board shall use the money administered by the Fund to provide community reinvestment assistance in accordance with this title, any other applicable law, and the organizational documents of the Fund. (b) The Board may use the money that the Fund administers to: (1) ensure a reasonable return on money held by the Fund before disbursing money […]
Section 9-306 – Duties of Department
The Department shall take any necessary action, including providing technical assistance, to encourage and facilitate the creation of the Fund.