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Ch. 255 2006 LAWS OF MARYLAND
the property or funds of the University, and contract with or engage the services of
any person in connection with any financing, including financial institutions, issuers
of credit, or insurers.
(p) (6) (i) Subject to the approval of the Board of Public Works, the
[Board] BOARD OF REGENTS may acquire, lease, encumber, sell, or otherwise dispose
of real property held by the State for the use of the University.
(ii) The [Board] BOARD OF REGENTS may acquire, lease,
encumber, sell, or otherwise dispose of personal property.
(iii) All property of the University is the property of the State.
(Q) (1) EXCEPT AS PROVIDED IN SUBSECTION (J)(l) OF THIS SECTION, THE
BOARD OF REGENTS MAY DELEGATE ANY PART OF ITS AUTHORITY OVER THE
AFFAIRS OF THE UNIVERSITY TO THE PRESIDENT.
(2) THE BOARD OF REGENTS MAY MODIFY OR RESCIND AT ANY TIME IN
WHOLE OR IN PART ANY DELEGATION OF AUTHORITY GRANTED BY IT TO THE
PRESIDENT.
14-110.
(A) 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) (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) 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.
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