(a) The Board of Directors of the Authority shall administer the business of its subsidiary entities, the Economic Development Commission (EDC), Government Development Bank (GDB), Small Business Development Agency (SBDA), Industrial Development Park Corporation (IDPC) and the Enterprise Zone Commission (EZ). Each subsidiary may act with authority to determine matters concerning personnel, hiring, discipline and discharge and such other administrative matters as may be expressly set forth by the Board; and any matter regarding the policy or the granting, denial, suspension, revocation or alteration of benefits, loans, financing or other substantive functions.
(b) The Board may establish such other committees and subcommittees as it determines necessary or convenient for the performance of its duties and functions.
(c) All contracts entered into by the GDB, SBDA, EDC, or IPDC are hereby transferred to the Economic Development Authority and shall be enforceable by or against the Authority to the same extent it could have been enforced by or against the predecessor in interest.
(d) Deleted.