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<section article="ghg" article_name="Health - General" number="19-217" title_number="19" title_name="Health Care Facilities" subtitle_number="2" subtitle_name="Health Services Cost Review Commission">
  <level label="a">
    <text>Except as provided in subsection (c) of this section, a facility shall notify the Commission at least 30 days prior to executing any financial transaction, contract, or other agreement that would:</text>
    <level label="1">
      <text>Pledge more than 50% of the operating assets of the facility as collateral for a loan or other obligation;</text>
    </level>
    <level label="2">
      <text>Result in more than 50% of the operating assets of the facility being sold, leased, or transferred to another person or entity; or</text>
    </level>
    <level label="3">
      <text>Result in more than 50% of all corporate voting rights or governance reserve powers being transferred to or assumed by another person or entity.</text>
    </level>
  </level>
  <level label="b">
    <text>Except as provided in subsection (c) of this section, the Commission shall publish a notice of the proposed financial transaction, contract, or other agreement reported by a facility in accordance with subsection (a) of this section in a newspaper of general circulation in the area where the facility is located.</text>
  </level>
  <level label="c">
    <text>The provisions of this section do not apply to any financial transaction, contract, or other agreement made by a facility with any issuer of tax–exempt bonds, including the Maryland Health and Higher Education Facilities Authority, the State, or any county or municipal corporation of the State, if a notice of the proposed issuance of revenue bonds that meets the requirements of § 147(f) of the Internal Revenue Code has been published.</text>
  </level>
</section>
