Maryland Code, ECONOMIC DEVELOPMENT 10-128
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-128
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- including: means includes or including by way of illustration and not by way of limitation. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) was transferred to the State, by gift or otherwise for substantially below market value, as a vacant or underutilized industrial facility or site;
(2) has existed for at least 10 years; and
(3) is at least 10 acres.
(b) If a person who transfers property described in subsection (a)(1) of this section to the State owns property adjoining the transferred property, the Board of Public Works shall have the first option to purchase the adjoining property at a price determined when the original property was transferred.
(c) Property conveyed under this section may be insured under Title 9 of the State Finance and Procurement Article.