§ 14-110. Operation of businesses or business entities
West's Annotated Code of MarylandEducationEffective: July 1, 2019
Effective: July 1, 2019
MD Code, Education, § 14-110
§ 14-110. Operation of businesses or business entities
(a) Consistent with § 15-107 of this article and any other applicable law, the Board of Regents may establish, invest in, finance, and operate businesses or business entities when the Board of Regents finds that doing so would further one or more goals of the University and is related to the mission of the University.
(b)(1) A business entity established, invested in, financed, or operated in accordance with this section may not be considered an agency or instrumentality of the State or a unit of the Executive Branch for any purpose.
(c)(1) Subject to the requirements of this section, the University may establish, invest in, finance, or operate a corporation, foundation, consortium, or other entity that is intended to support a high impact economic development activity, as defined in § 14-104.1 of this subtitle.
(2) Notwithstanding the provisions of §§ 5-501 through 5-504 of the General Provisions Article and subject to § 5-525 of the General Provisions Article, an official or employee of a public institution of higher education may be a director, official, or employee of an entity intended to support a high impact economic development activity, if the individual's participation advances the interests of the University.
(d) The Board of Regents shall submit to the Governor and, in accordance with § 2-1257 of the State Government Article, the General Assembly, an annual report on:
Credits
Added by Acts 2006, c. 255, § 1, eff. July 1, 2006. Amended by Acts 2012, c. 450, § 1, eff. July 1, 2012; Acts 2014, c. 104, § 2, eff. Oct. 1, 2014; Acts 2019, c. 8, § 5.
MD Code, Education, § 14-110, MD EDUC § 14-110
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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