Maryland Code, EDUCATION 17-301
Terms Used In Maryland Code, EDUCATION 17-301
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) “Base year” means July 1, 1997 through June 30, 1998.
(c) “Eligible institution” means:
(1) Each public senior higher education institution identified in § 10-101(m) or § 12-101(b)(3) of this article or its affiliated foundation; and
(2) The following community college campuses or their affiliated foundations:
(i) Allegany;
(ii) Anne Arundel;
(iii) Baltimore City;
(iv) Calvert;
(v) Carroll;
(vi) Catonsville;
(vii) Cecil;
(viii) Charles;
(ix) Chesapeake;
(x) Dundalk;
(xi) Essex;
(xii) Frederick;
(xiii) Garrett;
(xiv) Germantown;
(xv) Hagerstown;
(xvi) Harford;
(xvii) Howard;
(xviii) Prince George’s;
(xix) Rockville;
(xx) St. Mary’s;
(xxi) Takoma Park; and
(xxii) Wor-Wic.
(d) (1) “Eligible private donor” means an individual, corporation, partnership, or other form of business organization, public or private foundation, or other nonprofit organization.
(2) “Eligible private donor” does not include the State, a subdivision of the State, the federal government, or a foreign government.
(e) “Eligible program” means an endowment for an academic purpose that does not contain unreasonable restrictions as to use as further defined by the Maryland Higher Education Commission.
(f) “Endowment” means a donation or gift that has been provided under the condition that the principal remain intact and be invested in perpetuity for the purpose of producing income.