Home Table of Contents

§ 11-629. Fund administration

West's Annotated Code of MarylandBusiness Regulation

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 11. Horse Racing (Refs & Annos)
Subtitle 6. Harness Racing (Refs & Annos)
Part III. Maryland Standardbred Race Fund (Refs & Annos)
MD Code, Business Regulation, § 11-629
§ 11-629. Fund administration
Currentness
(a) The Commission shall:
(1) administer the Fund with the help and advice of the Advisory Committee; and
(2) order each payment that is to be made from the Fund.
(b) The Commission shall:
(1) deposit the money allocated by each licensee to the Fund into a bank or trust company in the State; and
(2) require the bank or trust company to secure the Fund by collateral.
(c) Within 5 days after a race meeting, the licensee shall pay to the Commission to be held in the Fund all money that is allocated to the Fund under this title but was not disbursed during the race meeting.
(d) If the Commission uses ordinary care to choose the depository bank or trust company, members are not personally liable for loss to the Fund because of failure, insolvency, or other fault of the depository.

Credits

Added by Acts 1992, c. 4, § 2.
Formerly Art. 78B, § 17A.
MD Code, Business Regulation, § 11-629, MD BUS REG § 11-629
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document