§ 6.5-101
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/md/business-regulation/6-5-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6.5–101.
(a)In this title the following words have the meanings indicated.
(1)“Charitable asset” means property that is given, received, or held for a charitable purpose, including all interest in:
(i)real property; or
(ii)tangible or intangible personal property.
(2)“Charitable asset” includes:
(i)cash;
(ii)remainder interests;
(iii)conservation or preservation easements or restrictions; and
(iv)charitable contributions.
(3)“Charitable asset” does not include property acquired or held for a for–profit purpose.
(c)“Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose whose achievement is beneficial to the community.