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§ 6.5-101. Definitions

West's Annotated Code of MarylandBusiness RegulationEffective: October 1, 2014

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 6.5. Protection of Charitable Assets (Refs & Annos)
Effective: October 1, 2014
MD Code, Business Regulation, § 6.5-101
§ 6.5-101. Definitions
(a) In this title the following words have the meanings indicated.
(b)(1) “Charitable asset” means property that is given, received, or held for a charitable purpose, including all interest in:
(i) real property; or
(ii) tangible or intangible personal property.
(2) “Charitable asset” includes:
(i) cash;
(ii) remainder interests;
(iii) conservation or preservation easements or restrictions; and
(iv) charitable contributions.
(3) “Charitable asset” does not include property acquired or held for a for-profit purpose.
(c) “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 whose achievement is beneficial to the community.

Credits

Added by Acts 2014, c. 654, § 1, eff. Oct. 1, 2014.
MD Code, Business Regulation, § 6.5-101, MD BUS REG § 6.5-101
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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