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§ 11-506. Maintenance and Replacement Fund

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 11. Pilots (Refs & Annos)
Subtitle 5. Employment and Compensation of Pilots (Refs & Annos)
MD Code, Business Occupations & Professions, § 11-506
§ 11-506. Maintenance and Replacement Fund
Purpose of Fund
(a) The Board of Supervisors of the Association shall maintain a Maintenance and Replacement Fund for the replacement and repair of the major equipment of the Association.
Percentage of pilot fees set aside in Fund
(b) The State Board of Pilots shall determine a percentage of the pilotage fees collected by the Association to be set aside in the Fund.
Written approval for expenditures from Fund
(c) The Board of Supervisors of the Association shall obtain written approval from the State Board of Pilots for any expenditures from the Fund.
Balance of Fund
(d)(1) Except as provided in paragraph (2) of this subsection, the balance in the Fund shall remain at or above $500,000.
(2)(i) The balance of the Fund may fall below $500,000 for expenditures authorized by the Board.
(ii) The balance of the Fund may not remain below $500,000 for more than 10 consecutive years.
(iii) At no time shall the balance of the Fund fall below $100,000.
Deposit of moneys into Fund
(e) The Board of Supervisors of the Association shall deposit the money authorized under subsection (b) of this section into the Maintenance and Replacement Fund.
Fund held in trust
(f)(1) The Board of Supervisors of the Association shall hold the Maintenance and Replacement Fund in trust.
(2) The Association:
(i) may invest or hold the Fund in any manner that the Association finds desirable, in light of the nature and purpose of the Fund;
(ii) may place control and management of the Fund, or a part of the Fund, with a bank or trust company that is subject to State or federal regulation; and
(iii) is not limited to investments in property that has been designated, under any law of the State, as strictly suitable for investment of a trust fund.
Attachment or execution
(g) Assets held in trust under this section are not subject to attachment or execution.

Credits

Added as Business Occupations and Professions § 11-507 by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered as Business Occupations and Professions § 11-506 by Acts 2002, c. 523, § 2, eff. July 1, 2002. Amended by Acts 2002, c. 523, § 3, eff. July 1, 2002.
Formerly Art. 74, § 10.
MD Code, Business Occupations & Professions, § 11-506, MD BUS OCCUP & PROF § 11-506
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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