§ 24-210
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/md/insurance/24-210A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§24–210.
(a)Notwithstanding any other provision of this subtitle, the Society may establish, own, or control a subsidiary for any business purpose.
(b)A subsidiary that is established, owned, or controlled by the Society is not subject to this subtitle.
(1)A subsidiary of the Society is not and may not be deemed a department, unit, agency, or instrumentality of the State for any purpose.
(2)The State may not be held in any way liable or responsible for any of the debts, claims, obligations, or liabilities of a subsidiary of the Society or the Society.
(d)Without the prior approval of the Board of Directors, including at least 80% of the physician members of the Board of Directors, the Society may not directly or indirectly capitalize, transfer moneys to, or purchase stock in an insurance subsidiary beyond the $3,250,000 used by the Society before December 31, 1989, to capitalize the insurance subsidiaries.