Maryland Code, ECONOMIC DEVELOPMENT 10-509
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-509
- 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 an office at a place it designates in the State;
(4) accept loans, grants, or financial and technical assistance in any form from the federal or State government, local governments, colleges or universities, or a private source;
(5) enter into contracts and other legal instruments;
(6) sue or be sued;
(7) acquire, purchase, hold, lease as a lessee, and use any franchise, patent, or license and real, personal, mixed, or tangible or intangible property, or any interest in property;
(8) own, improve, sell, lease as a lessor, transfer, license, assign, encumber, and dispose of any property or interest in property, necessary or convenient to carry out its purposes at public sale, with or without public bidding;
(9) fix and collect rates, rentals, fees, royalties, and charges for the use of or for services and resources it provides or makes available;
(10) retain any necessary accountants, engineers, financial advisors, and other consultants;
(11) with the approval of the Attorney General, retain any necessary lawyers;
(12) further define or limit the term “revenue” defined in § 10-501 of this subtitle as the term applies to a particular project, financing, or other matter;
(13) create, own, control, or be a member of a corporation, limited liability company, partnership, or other person, whether operated for profit or not for profit;
(14) exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(15) do anything necessary or convenient to carry out the powers granted by this subtitle.