2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 10-512 - Powers -- Borrowing and lending authority

§10-512.

The Corporation may:

(1) (i) borrow money and issue bonds;

(ii) purchase, discount, sell, negotiate and guarantee, insure, co-insure, and reinsure negotiable instruments, bills of exchange, acceptances, bankers’ acceptances, cable transfers, letters of credit, and other evidences of indebtedness; and

(iii) provide for the rights of lenders and bondholders;

(2) procure insurance or reinsurance against:

(i) loss in connection with its property or operations, including insurance, reinsurance, or other guarantees from any federal or State unit or private insurance company for the payment of bonds issued by the Corporation, or bonds, notes, or any other obligations issued or made by any lender or other person; or

(ii) loss with respect to agricultural loans, mortgages or mortgage loans, or any other type of loans, including the power to pay premiums on the insurance or reinsurance;

(3) (i) insure, co-insure, or reinsure agricultural loans, mortgage loans or mortgages, or any other type of loans;

(ii) pay or receive premiums on the insurance, co-insurance, or reinsurance;

(iii) establish reserves for losses; and

(iv) participate in the insurance, co-insurance, or reinsurance of agricultural loans, mortgage loans or mortgages, or any other type of loans with the federal or State government or any private insurance company;

(4) make loans to or deposits with lenders;

(5) purchase or sell agricultural loans;

(6) fix and collect fees and charges in connection with its loans, deposits, insurance commitments, and services, including reimbursement of costs of issuing bonds, origination and servicing fees, and insurance premiums; and

(7) subject to the rights of its bondholders:

(i) renegotiate, refinance, or foreclose on a mortgage, security interest, or lien;

(ii) commence an action to protect or enforce any right or benefit conferred on the Corporation by any law or agreement;

(iii) consent to modification of an interest rate, time, payment, security, or other term or condition of an agreement to which the Corporation is a party or beneficiary;

(iv) bid for and purchase property at any foreclosure or at any other sale, or otherwise acquire or take possession of any property; and

(v) in connection with an acquisition under item (iv) of this paragraph, complete, administer, pay the principal of and interest on any obligation incurred in connection with the property, dispose of, and otherwise deal with the property in any manner necessary or desirable to protect the interest of the Corporation or its bondholders in the property.