Md. Code Regs. 33.20.05.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 33.20.05.03 - Standard for Ownership or Control

A. Ownership. For purposes of Election Law Article, § 14-105(e), Annotated Code of Maryland, a business entity shall be considered a subsidiary of the person doing public business if owned or controlled by at least 30 percent by the person doing public business of the same individuals or business entities if:

(1) 30 percent or more of the beneficial ownership or equity of each entity is held by the same person or group of persons; or

(2) 30 percent or more of the voting shares or rights, membership, or partnership interests with voting or governing authority, control rights, trust control, or other form of governance or rights authority in each entity is directly or indirectly held or controlled by the same person or group of persons.

B. Control. A person or group of persons is deemed to have direct or indirect control of one or more business entities if the person or group of persons is authorized to make decisions regarding:

(1) Direction and amount of contributions, political spending, or any other political activity on behalf of the business entities; or

(2) Responsibility for day-to-day operation of the business entity or entities.

Md. Code Regs. 33.20.05.03

Regulation .03 adopted effective 43:4 Md. R. 339, eff.2/29/2016