Section 35M. There shall be established upon the books of the commonwealth a separate fund to be known as the Board of Registration in Medicine Trust Fund to be used, without prior appropriation, by the board of registration in medicine established in section 10 of chapter 13. Forty per cent of the revenues collected by said board shall be deposited into said trust fund; provided however, that 100 per cent of revenues collected by the board that are generated by any increase in the licensing fee occurring after January 1, 2002 shall be deposited into said trust fund. All monies deposited into said fund shall be expended exclusively by the board for its operations and administration. The board may incur expenses, and the comptroller may certify for payment, amounts in anticipation of expected receipts; but no expenditure shall be made from said fund which shall cause said fund to be in deficit at the close of a fiscal year.

Terms Used In Massachusetts General Laws ch. 10 sec. 35M

  • 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.
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