§ 5-403. Land bank authority

   (a) Establishment. -- By ordinance, the legislative body of a municipality may establish a land bank authority in accordance with this subtitle.

(b) Articles of incorporation. -- An ordinance adopted under subsection (a) of this section shall include proposed articles of incorporation of an authority that state:

   (1) the name of the authority, which shall be "Land Bank Authority of (name of the incorporating municipality)";

   (2) that the authority is formed under this subtitle;

   (3) the names, addresses, and terms of office of the initial members of the board;

   (4) the address of the principal office of the authority;

   (5) the purposes for which the authority is formed; and

   (6) the powers of the authority, subject to the limitations of this subtitle.

(c) Filing and recordation. --

   (1) The chief executive of the incorporating municipality, or any other official designated in the ordinance establishing an authority, shall execute and file the articles of incorporation of the authority for recordation with the State Department of Assessments and Taxation.

   (2) When the State Department of Assessments and Taxation accepts the articles of incorporation for recordation, the authority becomes a body politic and corporate and an instrumentality of the incorporating municipality.

   (3) Acceptance of the articles of incorporation for recordation by the State Department of Assessments and Taxation is conclusive evidence of the formation of the authority.

(d) Articles of amendment. --

   (1) By ordinance, the legislative body of the incorporating municipality may adopt an amendment to the articles of incorporation of an authority.

   (2) Articles of amendment may contain any provision that lawfully could be contained in articles of incorporation at the time of the amendment.

   (3) The articles of amendment shall be filed for recordation with the State Department of Assessments and Taxation.

   (4) The articles of amendment are effective as of the time the State Department of Assessments and Taxation accepts the articles for recordation.

   (5) Acceptance of the articles of amendment for recordation by the State Department of Assessments and Taxation is conclusive evidence that the articles have been lawfully and properly adopted.

(e) Change and termination. --

   (1) Subject to this section and any limitations imposed by law on the impairment of contracts, the incorporating municipality, in its sole discretion, by ordinance may:

      (i) set or change the structure, organization, procedures, programs, or activities of an authority; or

      (ii) terminate the authority.

   (2) On termination of the authority:

      (i) title to all property of the authority shall be transferred to and shall vest in the incorporating municipality; and

      (ii) all obligations of the authority shall be transferred to and assumed by the incorporating municipality.

HISTORY: An. Code 1957, art. 23A, § 54; 2013, ch. 119, § 2.