(a) 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:
(1) Pledge more than 50% of the operating assets of the facility as collateral for a loan or other obligation;
(2) Result in more than 50% of the operating assets of the facility being sold, leased, or transferred to another person or entity; or
(3) Result in more than 50% of all corporate voting rights or governance reserve powers being transferred to or assumed by another person or entity.
(b) 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.
(c) 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.
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