(a) The County Council must designate, by resolution approved by the County Executive, a single nonprofit corporation which complies with all requirements and criteria of this Article as the Montgomery County Economic Development Corporation. If the Executive disapproves the resolution within 10 days after receiving it, the Council may readopt the resolution with at least 6 affirmative votes.
(b) To continue to qualify as the County’s Economic Development Corporation, the Corporation’s articles of incorporation and bylaws must comply with all requirements of this Article.
(c) Any designation under this Section expires at the end of the fifth full fiscal year after the resolution is adopted unless the Council extends the designation by adopting another resolution under this Section.
(d) The Council at any time may suspend or revoke the designation of a corporation as the County’s Economic Development Corporation by resolution, adopted after at least 15 days public notice that is approved by the Executive, or, if the Executive disapproves the resolution within 10 days after receiving it, is readopted by a vote of at least 6 Councilmembers. (, § 1; , § 1; , § 1; , § 1.)
Editor’s note—2015 L.M.C., ch. 36, § 5, states: This Act revokes the designation of the Montgomery Business Development Corporation as the County’s business development corporation.
2015 L.M.C., ch. 36, § 8, also states, in part: Section 5 of this act takes effect when the Montgomery County Economic Development Corporation is designated under Section 30B-2 [now Section 15A-2].
2010 L.M.C., ch. 37, §3, states: Timetable. The first resolution adopted under Section 30B-2 [now Section 15A-2], inserted by Section 1 of this Act, must take effect on October 1, 2010. Any corporation that seeks to be designated as the County’s Business Development Corporation must submit proposed articles of incorporation and by laws to the County Executive and County Council by September 1, 2010.
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