1112

LAWS OF MARYLAND

Ch. 421

WITH §§ 266A-1 AND 266A-2 OF THIS ARTICLE.
266A-1.

(A)    ANY COUNTY OR MUNICIPALITY, BY ORDINANCE OR
RESOLUTION, MAY SIGNIFY ITS INTENT TO CREATE AN
INDUSTRIAL DEVELOPMENT AUTHORITY, WHICH SHALL BE A
POLITICAL SUBDIVISION OF THE STATE AND A BODY POLITIC AND
CORPORATE. THE ORDINANCE OR RESOLUTION SHALL INCLUDE
ARTICLES OF INCORPORATION THAT STATE:

(1)    THE NAME OF THE AUTHORITY, WHICH SHALL
BE "INDUSTRIAL DEVELOPMENT AUTHORITY OF (HERE INSERT THE
NAME OF THE INCORPORATING COUNTY OR MUNICIPALITY)";

(2)    THE AUTHORITY IS FORMED UNDER THIS
SUBHEADING;

(3)    THE NAMES, ADDRESSES, AND TERMS OF
OFFICE OF THE FIRST DIRECTORS OF THE AUTHORITY;

(4)    THE LOCATION OF THE PRINCIPAL OFFICE OF
THE AUTHORITY;

(5)    THE PURPOSES FOR WHICH THE AUTHORITY IS
FORMED; AND

(6)    THE RESTRICTIONS OR LIMITATIONS ON THE
POWERS OF THE AUTHORITY SET FORTH IN [[THIS SECTION]]
§266A-3.

(B)    (1) THE PROPER OFFICERS OF THE INCORPORATING
COUNTY OR MUNICIPALITY SHALL EXECUTE AND FILE THE
ARTICLES OF INCORPORATION WITH THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION.

(2)    WHEN THE DEPARTMENT RECEIVES THE
ARTICLES, IT SHALL STAMP THEM WITH THE TIME AND DATE OF
RECEIPT.

(3)    IF THE DEPARTMENT DETERMINES THAT THE
ARTICLES ARE IN ACCORDANCE WITH LAW, IT SHALL ENDORSE THE
ARTICLES "APPROVED" AND ISSUE A CERTIFICATE OF APPROVAL
ATTACHED TO THE ENDORSED ARTICLES.

(4)    WHEN THE DEPARTMENT ISSUES THE
CERTIFICATE OF APPROVAL, THE AUTHORITY BECOMES A BODY
POLITIC AND CORPORATE AND IS CONCLUSIVELY CONSIDERED TO
HAVE BEEN LAWFULLY AND PROPERLY CREATED AND AUTHORIZED TO
EXERCISE ITS POWERS.

(C)    THE INCORPORATING MUNICIPALITY AND COUNTY, BY
ORDINANCE OR RESOLUTION, MAY ADOPT AMENDMENTS TO THE
ARTICLES OF INCORPORATION, WHICH MAY CONTAIN ANY
PROVISIONS THAT LAWFULLY COULD BE CONTAINED IN ARTICLES
OF INCORPORATION AT THE TIME OF THE AMENDMENT. THE
AMENDMENTS SHALL BE FILED WITH THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION. IF THE DEPARTMENT APPROVES THE