§ 16-116. Public entity

Latest version.

   (a) "Public entity" defined. -- In this section, "public entity" means:

   (1) a political subdivision of the State;

   (2) a unit of the State or a local government; or

   (3) a nonprofit or nonstock corporation that:

      (i) receives 50% or more of its annual operating budget from the State or a local government; and

      (ii) is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code.

(b) Purchase of life insurance by public entities. -- Public entities may pool together to purchase life insurance or to self-insure against life risks.

HISTORY: 1998, chs. 346, 347.

                    
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