Maryland Code, ECONOMIC DEVELOPMENT 12-814
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Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 12-814
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- County: means a county of the State or Baltimore City. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
(a) The net earnings of the Authority, apart from those necessary to pay debt service or to implement the purposes of this subtitle, may not inure to the benefit of any person other than the county.
(b) On termination of the Authority, all rights and title to all assets of the Authority shall vest in, and all obligations and liabilities of the Authority may be transferred to and assumed by, the county.