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2694 LAWS OF MARYLAND [Ch. 800
[(f) All net profits arising from the operation of
said dispensaries shall be first applied towards the
payment of any and all sums advanced to or borrowed by
the liquor control board. After such sums have been
paid, the said board shall be authorized to create and
maintain a reserve fund not to exceed thirty thousand
dollars ($30,000), to provide adequate working capital
and to meet any losses that may be sustained by the board
in the operation of such dispensaries. Seventy—five per
centum (75%) of all net profits in excess of the above
shall belong to and be paid over to the County
Commissioners of Somerset County on or before May 1st in
each and every year, and the remaining twenty—five per
centum (25%) shall, on or before June 1st each year be
paid to the mayor and city council of Crisfield and
Princess Anne to be divided equally.
The amounts paid to the mayor and council of
Crisfield and Princess Anne shall be used for general
municipal purposes.]
SECTION 2. AND BE IT FURTHER ENACTED, That new
Section 165(f) be and it is hereby added to Article 2B —
Alcoholic Beverages, of the Annotated Code of Maryland
(1968 Replacement Volume and 1973 Supplement) to read as
follows:
Article 2B — Alcoholic Beverages
165.
(F) (1) ALL NET PROFITS DERIVED FROM THE
OPERATION OF THE DISPENSARIES IN SOMERSET COUNTY SHALL BE
APPLIED TOWARD THE REPAYMENT OF ANY MONEY ADVANCED TO OR
BORROWED BY THE LIQUOR CONTROL BOARD.
(2) AFTER THE REPAYMENT OF THE MONEY SPECIFIED IN
(1), THE BOARD MAY MAINTAIN A RESERVE FUND NOT TO EXCEED
$30,000
(I) TO PROVIDE ADEQUATE WORKING CAPITAL, AND
(II) TO MEET ANY LOSSES SUSTAINED BY THE
BOARD IN THE OPERATION OF THE DISPENSARIES.
(3) 25 PERCENT OF ALL NET PROCEEDS GENERATED BY
THE DISPENSARIES IN CRISFIELD AND PRINCESS ANNE, IN
EXCESS OF THOSE PROCEEDS REQUIRED FOR THE MAINTENANCE OF
THE RESERVE FUND, SHALL BE REMITTED TO THE CITY OF
CRISFIELD AND TOWN OF PRINCESS ANNE ON OR BEFORE JUNE 1ST
OF EACH YEAR, TO BE DIVIDED EQUALLY.
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