EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*sb0634*
SENATE BILL 634
C8 4lr2588
CF HB 776
By: Senator Klausmeier
Introduced and read first time: January 29, 2024
Assigned to: Finance
Committee Report: Favorable
Senate action: Adopted
Read second time: February 22, 2024
CHAPTER ______
AN ACT concerning 1
Maryland Technology Development Corporation – Authority 2
FOR the purpose of authorizing the Maryland Technology Development Corporation, 3
subject to a written agreement, to provide certain entities administrative services or 4
support and to receive compensation for providing the services or support; and 5
generally relating to the authority of the Maryland Technology Development 6
Corporation. 7
BY repealing and reenacting, with amendments, 8
Article – Economic Development 9
Section 10–408(b) 10
Annotated Code of Maryland 11
(2018 Replacement Volume and 2023 Supplement) 12
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
That the Laws of Maryland read as follows: 14
Article – Economic Development 15
10–408. 16
(b) The Corporation may: 17
(1) adopt bylaws for the conduct of its business; 18
2 SENATE BILL 634
(2) adopt a seal; 1
(3) maintain offices at a place it designates in the State; 2
(4) accept loans, grants, or assistance of any kind from the federal or State 3
government, a local government, a college or university, or a private source; 4
(5) enter into contracts and other legal instruments; 5
(6) sue or be sued; 6
(7) acquire, purchase, hold, lease as lessee, and use: 7
(i) a franchise, patent, or license; 8
(ii) any real, personal, mixed, tangible, or intangible property; or 9
(iii) an interest in the property listed in this item; 10
(8) sell, lease as lessor, transfer, license, assign, or dispose of property or a 11
property interest that it acquires; 12
(9) fix and collect rates, rentals, fees, royalties, and charges for services 13
and resources it provides or makes available; 14
(10) create, own, control, or be a member of a corporation, limited liability 15
company, partnership, or other entity, whether operated for profit or not for profit; 16
(11) SUBJECT TO A WRITTEN AGREEMENT , PROVIDE ADMINISTRATI VE 17
SUPPORT AND SERVICES TO AN ENTITY DESCRIB ED UNDER ITEM (10) OF THIS 18
SUBSECTION AND RECEI VE COMPENSATION FOR PROVIDING THE SUPPOR T AND 19
SERVICES; 20
(12) exercise power usually possessed by a private corporation in performing 21
similar functions unless to do so would conflict with State law; and 22
[(12)] (13) do all things necessary or convenient to carry out the powers 23
granted by this subtitle. 24
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 25
October 1, 2024. 26