§ 15-401. Definitions
West's Annotated Code of MarylandEstates and TrustsEffective: June 1, 2010
Effective: June 1, 2010
MD Code, Estates and Trusts, § 15-401
§ 15-401. Definitions
(b) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.
(c)(1) “Endowment fund” means an institutional fund or part of an institutional fund that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis.
(d) “Gift instrument” means a record, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.
(e) “Institution” means:
(f)(1) “Institutional fund” means a fund held by an institution exclusively for charitable purposes.
(g) “Person” means an individual, corporation, business trust, statutory trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(h) “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
Credits
Added by Acts 2009, c. 134, § 1, eff. April 14, 2009. Amended by Acts 2010, c. 611, § 2, eff. June 1, 2010.
MD Code, Estates and Trusts, § 15-401, MD EST & TRST § 15-401
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |