Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 6-203
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Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 6-203
- 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.
A corporation, foundation, or other legal entity qualifies as a community development organization if:
(1) its purpose is to improve the physical, economic, or social environment of the area where it operates; and
(2) no part of its net earnings inures to the benefit of a private shareholder or individual holding an interest in that entity.