Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-306
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-306
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bequest: Property gifted by will.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- including: means includes or including by way of illustration and not by way of limitation. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Quorum: The number of legislators that must be present to do business.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) Have perpetual existence under the name of the religious corporation;
(2) Purchase, take, or acquire by gift, bequest, or in any other manner and hold any interest in any assets in the State;
(3) Use, lease, mortgage, sell, or convey the assets in the manner that the trustees consider most conducive to the interest of the religious corporation;
(4) Generally manage any assets of the religious corporation; and
(5) Adopt rules and ordinances for conducting their affairs as necessary and convenient to accomplish the purpose of the religious corporation, including:
(i) Appointing the time and place of a meeting of its members; and
(ii) Determining the number of members necessary to constitute a quorum.
(b) The provisions of this section do not authorize any sale, mortgage, or other disposition of any asset of the religious corporation which is held under an instrument prohibiting that sale, mortgage, or other disposition.
(c) By resolution, the trustees may authorize one or more of their members to:
(1) Execute any instrument required to be executed by the trustees, including any deed, mortgage, or other conveyance of assets which are to be sold, transferred, or encumbered; and
(2) Attest and affix to the instrument the corporate seal, if any.