Section 14-110 - Establishment or operation of, investment in, or financing business entities by Board of Regents of Morgan State University. - Maryland Statutes

§ 14-110. Establishment or operation of, investment in, or financing business entities by Board of Regents of Morgan State University.
 

(a)  In general.- 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)  Status of business entities; liabilities.-  

(1) A business entity established, invested in, financed, or operated in accordance with this subsection may not be considered an agency or instrumentality of the State or a unit of the Executive Branch for any purpose. 

(2) A financial obligation or liability of a business entity established, invested in, financed, or operated in accordance with this subsection may not be a debt or obligation of the State or the University. 

(c)  Reports.- The Board of Regents shall submit to the Governor and, in accordance with § 2-1246 of the State Government Article, the General Assembly, an annual report on: 

(1) The business entities established in accordance with this section; 

(2) Funds invested in, and financing provided to, business entities established in accordance with this section; 

(3) Ownership interests in any business entities established in accordance with this section; and 

(4) The current status of the business entities. 
 

[2006, ch. 255.]