(a) Prior to the transfer date and to the 1st day of each fiscal year thereafter, the Board of Regents and the Board of Directors shall each approve an annual contract which shall state all financial obligations, exchanges of services, and any other agreed relationships between the University and the Medical System Corporation for the ensuing fiscal year. The annual contract shall identify all services to be provided and the agreed cost of such services.
(b) The annual contract will be developed by the Chief Executive Officer, the Dean of the School of Medicine, and other University officials as determined by the President. The annual contract will be submitted to the Board of Regents upon the recommendation of the President for consideration, modification, and approval.
(c) The Board of Directors and Board of Regents may establish procedures for the approval of the annual contract.
(d) If the University and the Medical System Corporation do not enter into an annual contract for any fiscal year, the annual contract for the previous year shall remain in force until another annual contract is approved.
Structure Maryland Statutes
Division III - Higher Education
Title 13 - University of Maryland -- General Provisions
Subtitle 3 - University of Maryland Medical System
Section 13-302 - Legislative Findings and Declaration of Purpose
Section 13-303 - Medical System Corporation -- in General
Section 13-304 - Medical System Corporation -- Board of Directors
Section 13-305 - Clinical Experiences for Students; Medical Staff; Personnel; Conflicts of Interest
Section 13-306 - Annual Contract
Section 13-307 - Transfer of Assets
Section 13-309 - Operating Reserve Fund
Section 13-310 - Payment of Obligations of Corporation
Section 13-311 - Termination of Corporation