Maryland Code, Economic Development § 10-1123

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) On or before October 1 each year, the Corporation shall report to the Governor and, in accordance with § 2-1257 of the State Government Article, the General Assembly.

(2) The report required under this subsection shall include:

(i) a complete operating and financial statement covering the Corporation's operations;

(ii) a summary of the Corporation's activities during the preceding fiscal year;

(iii) information on all salaries and any incentives approved by the Board for Corporation employees;

(iv) information on outreach, training, mentorship, support, and investment in minority- and women-owned qualified businesses, including support for marketing by the Maryland Small Business Development Financing Authority;

(v) information on entities that have current investments and entities that received funding or investments in the current year on:

1. the principal business operations;

2. the number of employees in the State and the number of employees outside the State;

3. the capital or other investments made in the State; and

4. the proposed and actual job creation or capital investment in the State as a result of the investment or support;

(vi) information on the creation of and appointments made to an advisory committee and the responsibilities of the advisory committee and members of the committee; and

(vii) the policies of the Board and any changes to existing policies.

(b)(1) On a quarterly basis, the Corporation shall report to the Governor and, in accordance with § 2-1257 of the State Government Article, the Joint Audit and Evaluation Committee and the General Assembly.

(2) The report required under this subsection shall include a list of the businesses and projects receiving support through programs administered by the Corporation, including those receiving investments made under § 21-123.2 of the State Personnel and Pensions Article.

(3) The list of businesses and projects receiving support shall include for each:

(i) the number of employees in the State;

(ii) the number of employees outside the State;

(iii) the capital or other investments made in the State; and

(iv) proposed job creation or capital investment in the State as a result of the investment or support.

(c) The Corporation shall publish annual financial statements, audit reports, and policies of the Board visibly on its website.

Previous Part of Code Next Part of Code

Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-1123 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-1123/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Did FindLaw Help You Understand This Legal Issue?

Make It a Preferred Google Search Source

Add to Google

Latest Blog Posts

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)