Section 5-407 - Pledging State's faith and credit; creating debt or obligation; individual liability on contracts. - Maryland Statutes

§ 5-407. Pledging State's faith and credit; creating debt or obligation; individual liability on contracts.
 

Except as provided in § 5-408 (c) of this subtitle, the Authority may not pledge the faith and credit of the State, nor create any debt or obligation of the State. If any pledge, debt, or obligation is created, it is invalid. The members of the Authority are not liable as individuals for any contract made on behalf of the Authority. 
 

[An. Code 1957, art. 96A, § 95; 1973, 1st Sp. Sess., ch. 4, § 1; 1995, ch. 488, §§ 1, 16.]