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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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CORPORATIONS AND ASSOCIATIONS |
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TITLE 1. GENERAL PROVISIONS |
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SUBTITLE 2. FEES AND RECORDING |
§ 1-203.3. Fund for costs of reviewing, processing, and auditing documents
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(a) Established. -- There is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(b) Use of fund. -- 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) Accounting. -- The State Treasurer shall hold and the State Comptroller shall account for the fund.
(d) Investments -- In general. -- The fund shall be invested and reinvested in the same manner as other State funds.
(e) Investments -- Earnings. -- Investment earnings shall accrue to the benefit of the fund.