Maryland Corporations and Associations Section 1-203.3

Article - Corporations and Associations

§ 1-203.3.

      (a)      There is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

      (b)      Subject to the appropriation process in the State budget, the Department shall use the fund:

            (1)      For the costs of reviewing, processing, and auditing documents filed or requested under this article or other articles of the Code; and

            (2)      To pay redemption or extinguishment amounts to former owners of ground rents redeemed or extinguished in accordance with § 8-110 of the Real Property Article.

      (c)      The State Treasurer shall hold and the State Comptroller shall account for the fund.

      (d)      The fund shall be invested and reinvested in the same manner as other State funds.

      (e)      Investment earnings shall accrue to the benefit of the fund.



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