Maryland Code, CORPORATIONS AND ASSOCIATIONS 1-203.3
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 1-203.3
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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.
(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.