Maryland Code, ECONOMIC DEVELOPMENT 10-115
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-115
- 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.
- 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
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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 government, a governmental unit, a college or university, or a private source;
(5) enter into contracts and other legal instruments;
(6) sue and be sued in its own name;
(7) acquire, purchase, hold, lease as lessee, and use any franchise, patent, or license and real, personal, mixed, tangible, or intangible property, or any interest in property, necessary or convenient to carry out its purposes;
(8) sell, lease as lessor, transfer, and dispose of its property or interest in property;
(9) fix and collect rates, rentals, fees, royalties, and charges for services, resources, and facilities it provides or makes available;
(10) with the owner’s permission, enter lands, waters, or premises to make a survey, sounding, boring, or examination to accomplish a purpose authorized by this subtitle;
(11) further define or limit the term “revenues” defined in § 10-101 of this subtitle as the term applies to a particular project, financing, or other matter;
(12) create, own, control, or be a member of a corporation, limited liability company, partnership, or other person, whether for-profit or nonprofit;
(13) exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(14) do all things necessary or convenient to carry out the powers expressly granted by this subtitle.