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§ 1-203.3. Fund

West's Annotated Code of MarylandCorporations and AssociationsEffective: July 1, 2015

West's Annotated Code of Maryland
Corporations and Associations
Title 1. General Provisions (Refs & Annos)
Subtitle 2. Fees and Recording
Effective: July 1, 2015
MD Code, Corporations and Associations, § 1-203.3
§ 1-203.3. Fund
Currentness
Continuing, nonlapsing fund
(a) There is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
Uses of fund
(b)(1) Subject to the appropriation process in the State budget, the Department shall use the fund:
(i) For the costs of reviewing, processing, and auditing documents filed or requested under this article or other articles of the Code;
(ii) To pay redemption or extinguishment amounts to former owners of ground rents redeemed or extinguished in accordance with § 8-804 of the Real Property Article; and
(iii) Subject to paragraph (2) of this subsection, for other costs incurred by the Department to administer the provisions of this article.
(2) For fiscal year 2015 and each fiscal year thereafter, the Department may not use the fund to pay more than 5% of the administrative expenses of the Office of the Director of the Department.
Holding and accounting
(c) The State Treasurer shall hold and the State Comptroller shall account for the fund.
Investment and reinvestment
(d) The fund shall be invested and reinvested in the same manner as other State funds.
Earnings
(e) Investment earnings shall accrue to the benefit of the fund.

Credits

Added by Acts 2000, c. 324, § 2, eff. July 1, 2000. Amended by Acts 2003, c. 464, § 1, eff. Jan. 1, 2004; Acts 2004, c. 480, § 1, eff. Oct. 1, 2004; Acts 2014, c. 464, § 1, eff. June 1, 2014; Acts 2015, c. 22, § 5.
MD Code, Corporations and Associations, § 1-203.3, MD CORP & ASSNS § 1-203.3
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.
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