Maryland Code, STATE GOVERNMENT 9-114
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Terms Used In Maryland Code, STATE GOVERNMENT 9-114
- 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) The Director may require any lottery agent granted a license to post either an appropriate surety bond, irrevocable letter of credit, or cash security deposit in the amount that the regulations of the Agency set.
(b) (1) In lieu of a surety bond, irrevocable letter of credit, or cash security deposit, the Agency, at the discretion of the Director, may provide a blanket bond covering all or selected agents in accordance with the availability of bonds and the financial status of an individual or a corporation.
(2) A bond provided by the Agency shall be:
(i) provided at the agent’s expense; and
(ii) based upon a financial evaluation of the agent conducted by the Director.