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2002 LAWS OF MARYLAND
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Ch. 154
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(i) the fair value of the public or charitable assets of a [nonprofit
health service plan or a] health maintenance organization will be distributed to the
Maryland Health Care Foundation that was established in § 20-502 of the Health
General Article; or
(ii) 1. 40% of the fair value of the public or charitable assets of a
nonprofit hospital will be distributed to the Maryland Health Care Foundation that
was established in § 20-502 of the Health—General Article; and
2. 60% of the fair value of the public or charitable assets of a
nonprofit hospital will be distributed to a public or nonprofit charitable entity or trust
that is:
A. dedicated to serving the unmet health care needs of the
affected community;
B. dedicated to promoting access to health care in the
affected community;
C. dedicated to improving the quality of health care in the
affected community; and
D. independent of the transferee; and
(3) ensure that no part of the public or charitable assets of the
acquisition inure directly or indirectly to an officer, director, or trustee of a nonprofit health entity.
(e) The regulating entity may determine that a distribution of assets of a
nonprofit health entity is not required under this section if the transaction is:
(1) determined not to be an acquisition;
(2) in the ordinary course of business; and
(3) for fair value.
(d) In determining fair value, the appropriate regulating entity may consider
all relevant factors, including, as determined by the regulating entity:
(1) the value of the nonprofit health entity or on affiliate or the assets of
such an entity that is determined as if the entity had voting stock outstanding and
100% of its stock was freely transferable and available for purchase without
restriction;
(2) the value as a going concern;
(3) the market value;
(4) the investment or earnings value;
(5) the not asset value; and
(6) a control premium, if any.
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- 1562 -
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