(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.