Maryland Code, STATE GOVERNMENT 9-2611
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Terms Used In Maryland Code, STATE GOVERNMENT 9-2611
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) All debts, claims, obligations, and liabilities of the Corporation, whenever incurred, shall be the debts, claims, obligations, and liabilities of the Corporation only and not of the State, other units of State government, other State instrumentalities, State officers, or State employees.
(b) The debts, claims, obligations, and liabilities of the Corporation may not be considered a debt, claim, obligation, or liability of the State or a pledge of its full faith and credit.