Maryland Code, ECONOMIC DEVELOPMENT 11-409
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Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 11-409
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) The Corporation shall establish a system of financial accounting, controls, audits, and reports.
(b) The fiscal year of the Corporation begins on July 1 and ends on the following June 30.