(a) The Regional Authority shall be composed of 11 voting members, as follows:
(1) The State of Maryland shall be entitled to 3 voting members, to be appointed by the Governor of Maryland.
(2) The Commonwealth of Virginia shall be entitled to 3 voting members, to be appointed by the Governor of Virginia.
(3) The District of Columbia shall be entitled to 3 voting members, to be appointed by the Mayor of the District of Columbia.
(4) The City of Baltimore shall be entitled to one voting member, to be appointed by the Mayor of the City of Baltimore.
(5) The Washington/Baltimore Regional 2012 Coalition, a nonprofit corporation created for the sole purpose of bringing the Olympic Games to the region, or the OCOG, shall be entitled to one voting member, to be appointed in a manner consistent with its usual procedure.
(b) Reasonable efforts shall be made to ensure that appointments of voting members and advisory members appointed under subsection (g) of this section:
(1) Are residents of the regional community with relevant and useful experience, and with sufficient time to devote to the duties of the Regional Authority, to help facilitate the successful hosting of the Olympic Games;
(2) Reflect the geographical diversity inherent in the regional nature of WBRC 2012’s bid proposal; and
(3) Reflect the cultural, ethnic, and racial diversity inherent in the Chesapeake region.
(c) Voting members shall not be financially compensated for their service on the Regional Authority; such service shall be considered voluntary. Voting members may be reimbursed by the Regional Authority for normal and customary expenses incurred in the performance of their duties.
(d) The terms of the voting members of the Regional Authority shall be as follows:
(1) The initial terms of office of the voting members shall be 2 years from the date of appointment, and all subsequent terms of office of the voting members shall be for 2 years. Each voting member shall hold office until his or her successor shall be appointed and duly qualified. A voting member of the Regional Authority may succeed himself or herself.
(2) All vacancies in the membership of the voting members of the Regional Authority, whether caused by expiration of term of office, death, resignation, or otherwise, shall be filled in the same manner as that membership was originally filled. The term of any voting member appointed to fill an unexpired term shall be the term of the voting member he or she replaced.
(3) The Regional Authority shall elect from its membership a chair, a vice chair, a secretary, and a treasurer. Such officers shall serve for such terms as shall be prescribed by resolution of the Regional Authority or until their successors are elected and qualified. No voting member of the Regional Authority shall hold more than one office on the Regional Authority.
(e) The Regional Authority shall hold meetings in accordance with the following:
(1) Regular meetings of the Regional Authority shall be held on such dates and at such time and place as shall be fixed by resolution of the Regional Authority.
(2) Special meetings of the Regional Authority may be called by resolution of the Regional Authority, by the chairman or vice chairman, or upon the written request of at least 3 voting members of the Regional Authority.
(3) Written notice of all meetings shall be delivered to each voting member not less than 3 days prior to the date of such meeting in the case of regular meetings and not less than 24 hours in the case of special meetings.
(4) Each voting member should make all reasonable efforts to be in attendance at meetings called by the Regional Authority.
(5) A majority of the voting members of the Regional Authority in office shall constitute a quorum. A majority of the quorum is empowered to exercise all the rights and perform all the duties of the Regional Authority and no vacancy on the Regional Authority shall impair the right of the majority to act. If at a meeting there is less than a quorum present, a majority of those present may adjourn the meeting to a fixed time and place, and notice of the time and place shall be given in accordance with paragraph (3) of this subsection; provided, that if this notice period cannot reasonably be complied with, the notice, if any, of the adjourned meeting shall be given as is reasonably practical.
(6) The Regional Authority shall establish rules and regulations for its own governance not inconsistent with this chapter.
(f) The Regional Authority shall:
(1) Make provision for a system of financial accounting and controls, audits, and reports. All accounting systems and records, auditing procedures and standards, and financial reporting shall conform to generally accepted principles of governmental accounting. All financial records, reports, and documents of the Regional Authority shall be public records and open to public inspection under reasonable regulations prescribed by the Regional Authority; and
(2) Adopt a fiscal year, establish a system of accounting and financial control, designate the necessary funds for complete accountability, and specify the basis of accounting for each such fund. The Regional Authority shall cause to be prepared a financial report on all funds at least quarterly and a comprehensive report on the fiscal operations and conditions of the Regional Authority annually.
(g) The Regional Authority shall form a Regional Authority Advisory Committee, which shall be comprised of representatives from each of the local jurisdictions substantially impacted by hosting the Olympic Games in the region, in a manner to be determined by the Regional Authority.