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Statutes Text

Article - Economic Development




§6–601.

    (a)    In this subtitle the following words have the meanings indicated.

    (b)    “Authority” means the Maryland E–Nnovation Initiative Fund Authority established under § 6–605 of this subtitle.

    (c)    “Endowment proceeds” means those investment earnings accruing to a research endowment of a nonprofit institution of higher education and available for expenditure by the institution in accordance with § 6–612 of this subtitle.

    (d)    “Fund” means the Maryland E–Nnovation Initiative Fund created under § 6–604 of this subtitle.

    (e)    “Governing board” has the meaning stated in § 10–101 of the Education Article.

    (f)    “Governing body” means:

        (1)    a governing board;

        (2)    the governing entity of private nonprofit institutions of higher education; or

        (3)    the governing entity of a regional higher education center.

    (g)    (1)    “Nonprofit institution of higher education” means an institution of postsecondary education located in the State, that receives State funds in the annual operating budget and that generally limits enrollment to graduates of secondary schools and awards degrees at either the associate, baccalaureate, or graduate level.

        (2)    “Nonprofit institution of higher education” includes public and private nonprofit institutions of higher education located in the State.

    (h)    “Private nonprofit institution of higher education” has the meaning stated in § 10–101 of the Education Article.

    (i)    “Program” means the Maryland E–Nnovation Initiative Program under this subtitle.

    (j)    “Qualified donation” means any private donation, gift, irrevocable pledge, or bequest to a research endowment in accordance with § 6–613 of this subtitle.

    (k)    “Regional higher education center” has the meaning stated in § 10–101 of the Education Article.

    (l)    “Research endowment” means an account established at or administered by a nonprofit institution of higher education in accordance with § 6–612 of this subtitle.