§ 14-510. Change in nonprofit status
West's Annotated Code of MarylandReal PropertyEffective: October 1, 2010
Effective: October 1, 2010
MD Code, Real Property, § 14-510
§ 14-510. Change in nonprofit status
(a) A nonprofit organization operating an affordable housing land trust that gives up or loses its nonprofit status may no longer operate an affordable housing land trust under the terms of this subtitle.
(b) A nonprofit organization operating an affordable housing land trust may transfer its interest in any affordable housing land trust agreement to another affordable housing land trust, provided that the nonprofit organization does not receive any financial or other valuable compensation for the transfer other than compensation for incidental costs associated with the transfer.
(c) If a nonprofit organization operating an affordable housing land trust gives up or loses its nonprofit status and does not transfer its interest in an affordable housing land trust agreement as provided in subsection (b) of this section, the affordable housing land trust agreement is abrogated and any reversionary interest contained in the agreement or any provision for the sharing of proceeds becomes unenforceable.
Credits
Added by Acts 2010, c. 609, § 1, eff. Oct. 1, 2010; Acts 2010, c. 610, § 1, eff. Oct. 1, 2010.
MD Code, Real Property, § 14-510, MD REAL PROP § 14-510
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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