Maryland Code, ECONOMIC DEVELOPMENT 10-515
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-515
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Trustee: A person or institution holding and administering property in trust.
(2) A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
(3) A corporation or trust company incorporated in the State may:
(i) act as depository of bond proceeds or revenue; and
(ii) furnish any indemnity bond or pledge security that the Corporation requires.
(b) The trust agreement or the resolution that provides for the issuance of a bond may:
(1) state the rights and remedies of bondholders and any trustee;
(2) contain provisions to protect and enforce the rights and remedies of bondholders;
(3) contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;
(4) restrict the individual right of action of bondholders;
(5) provide for the payment of the bond proceeds and revenues to an officer, board, or depository that the Corporation determines with the safeguards and restrictions that the Corporation determines; and
(6) provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.
(c) Expenses incurred in carrying out a trust agreement may be treated as a part of the cost of operation of the Corporation.