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PARRIS N. GLENDENING, Governor
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Ch. 324
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processing certain documents on an expedited basis; providing for a delayed
effective date for certain provisions of this Act; and generally relating to funding
for the review, processing, and auditing of business documents by the
Department of Assessments and Taxation.
BY repealing and reenacting, with amendments,
Article — Commercial Law
Section 9-401.2(3)
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article - Corporations and Associations
Section 1-203(8), 1-203.2, and 12-701
Annotated Code of Maryland
(1999 Replacement Volume)
BY adding to
Article - Corporations and Associations
Section 1-203.3
Annotated Code of Maryland
(1999 Replacement Volume)
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 9-525
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
(As enacted by Chapter 282 of the Acts of the General Assembly of 1999)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
9-401.2.
(3) (a) Instead of the fees collected by a clerk of the circuit court under §
2-213 of the Courts Article, the State Department of Assessments and Taxation shall
retain 2.5 percent of recordation taxes received in respect of instruments filed with
the Department under this title.
(b) All revenues retained by the Department under this subsection shall
be credited to [a continuing nonlapsing fund that is not subject to § 7-302 of the State
Finance and Procurement Article] THE FUND ESTABLISHED UNDER § 1-203.3 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.
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- 1945 -
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