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Maryland Code, Corporations and Associations § 11-208

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) In this section, “Fund” means the Securities Act Registration Fund.

(b) There is a Securities Act Registration Fund.

(c) The purpose of the Fund is to help fund the direct and indirect costs of administering and enforcing the Maryland Securities Act.

(d) The Commissioner shall administer the Fund.

(e)(1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) The Fund consists of:

(1) Fees distributed to the Fund under § 11-407(a)(2) of this title;

(2) Money appropriated in the State budget to the Fund; and

(3) Any other money from any other source accepted for the benefit of the Fund.

(g) The Fund may be used only to administer and enforce the Maryland Securities Act.

(h)(1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any interest earnings of the Fund shall be credited to the General Fund of the State.

(i) Expenditures from the Fund may be made only in accordance with the State budget.

(j) Money expended from the Fund used to administer and enforce the Maryland Securities Act is supplemental to and is not intended to take the place of funding that otherwise would be appropriated to administer and enforce the Maryland Securities Act.

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Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 11-208 - last updated December 31, 2021 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-11-208/

Read this complete Maryland Code, Corporations and Associations § 11-208 on Westlaw

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