§ 11-506. Maintenance and Replacement Fund
West's Annotated Code of MarylandBusiness Occupations and Professions
MD Code, Business Occupations & Professions, § 11-506
§ 11-506. Maintenance and Replacement 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.
(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.
(c) The Board of Supervisors of the Association shall obtain written approval from the State Board of Pilots for any expenditures from the Fund.
(d)(1) Except as provided in paragraph (2) of this subsection, the balance in the Fund shall remain at or above $500,000.
(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.
(f)(1) The Board of Supervisors of the Association shall hold the Maintenance and Replacement Fund in trust.
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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