Maryland Statutes
Subtitle 2 - Medical Mutual Liability Insurance Society of Maryland
Section 24-210 - Subsidiaries

(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.
    (c)    (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.

Structure Maryland Statutes