Md. Code Ann., Hous. & Cmty. Dev. § 10-107
Debts, obligations, liabilities, corporate earnings, and assets
Effective Oct 1, 2005Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.State of Maryland
(a) The debts, obligations, and liabilities of the Trust are those of the Trust only and are not:
- (1) a pledge of the State's credit; or
- (2) those of the State or its officers, employees, or governmental units.
(b)
- (1) The net earnings of the Trust may not inure to the benefit of a trustee, officer, or private person.
- (2) A trustee, officer, or private person is not entitled to share in the distribution of the corporate assets of the Trust.
- (3) If the Trust is dissolved or abolished, by act of the General Assembly or otherwise, its assets shall be distributed to the State or a governmental unit of the State.
Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.