Md. Code Ann., Bus. Occ. & Prof. § 11-506
Maintenance and Replacement Fund
Effective Jul 1, 2002Added as Business Occupations and Professions § 11-507 by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered as Business Occupations and Professions § 11-506 by Acts 2002, c. 523, § 2, eff. July 1, 2002. Amended by Acts 2002, c. 523, § 3, eff. July 1, 2002.State of Maryland
- (a) The Board of Supervisors of the Association shall maintain a Maintenance and Replacement Fund for the replacement and repair of the major equipment of the Association.
- (b) The State Board of Pilots shall determine a percentage of the pilotage fees collected by the Association to be set aside in the Fund.
- (c) The Board of Supervisors of the Association shall obtain written approval from the State Board of Pilots for any expenditures from the Fund.
(d)
- (1) Except as provided in paragraph (2) of this subsection, the balance in the Fund shall remain at or above $500,000.
(2)
- (i) The balance of the Fund may fall below $500,000 for expenditures authorized by the Board.
- (ii) The balance of the Fund may not remain below $500,000 for more than 10 consecutive years.
- (iii) At no time shall the balance of the Fund fall below $100,000.
- (e) The Board of Supervisors of the Association shall deposit the money authorized under subsection (b) of this section into the Maintenance and Replacement Fund.
(f)
- (1) The Board of Supervisors of the Association shall hold the Maintenance and Replacement Fund in trust.
(2) The Association:
- (i) may invest or hold the Fund in any manner that the Association finds desirable, in light of the nature and purpose of the Fund;
- (ii) may place control and management of the Fund, or a part of the Fund, with a bank or trust company that is subject to State or federal regulation; and
- (iii) is not limited to investments in property that has been designated, under any law of the State, as strictly suitable for investment of a trust fund.
- (g) Assets held in trust under this section are not subject to attachment or execution.
Added as Business Occupations and Professions § 11-507 by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered as Business Occupations and Professions § 11-506 by Acts 2002, c. 523, § 2, eff. July 1, 2002. Amended by Acts 2002, c. 523, § 3, eff. July 1, 2002.
Formerly Art. 74, § 10.