Maryland Code, ECONOMIC DEVELOPMENT 5-1201
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 5-1201
- 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
(b) “Fund” means the Maryland Nonprofit Development Center Program Fund established under § 5-1204 of this subtitle.
(c) “Nonprofit entity” means a corporation incorporated in the State, or otherwise qualified to do business in the State, that has been determined by the Internal Revenue Service to be exempt from taxation under § 501(c)(3), (4), or (6) of the Internal Revenue Code.
(d) “Program” means the Maryland Nonprofit Development Center Program established under § 5-1202 of this subtitle.
(e) “Qualifying nonprofit entity” means a nonprofit entity:
(1) that has annual revenues not greater than $750,000;
(2) that has been in existence for not more than 10 years; and
(3) whose principal purpose is providing health, education, environmental, agricultural, or social services through community-based programs.