Maryland Code, ECONOMIC DEVELOPMENT 10-1006
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-1006
- 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.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
The Authority may:
(1) adopt bylaws for the conduct of its business;
(2) adopt a seal;
(3) maintain offices at a place it designates in the State;
(4) accept loans, grants, or assistance of any kind from the federal or State government, a local government, a college or university, or a private source;
(5) enter into contracts and other legal instruments;
(6) retain, employ, or hire an independent firm for the purpose of operating and managing live horse racing in the State;
(7) sue or be sued;
(8) acquire, purchase, hold, lease as lessee, and use:
(i) a franchise, patent, or license;
(ii) stock or other forms of ownership interests in corporations, limited liability companies, partnerships, or other entities, whether operated for profit or not for profit;
(iii) any real, personal, mixed, tangible, or intangible property; or
(iv) an interest in a property listed under this item;
(9) sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires;
(10) fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available;
(11) create, own, control, or be a member of a corporation, limited liability company, partnership, or other entity, whether operated for profit or not for profit;
(12) exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law;
(13) assist with the advertising and promotion of horse racing interests; and
(14) do all things necessary or convenient to carry out the powers granted by this subtitle.