Section 12-113 - Business entities.
§ 12-113. Business entities.
(a) Establishment of Board of Regents.- 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 finds that doing so would further one or more goals of the University and is related to the mission of the University.
(b) Business entities as State agencies.-
(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 University.
(c) Annual reports.- 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.
[1999, ch. 515, § 1; 2007, ch. 5.]