(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.
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