2030                                              LAWS OF MARYLAND                        [Ch. 311

(1)   50 PERCENT SHALL BE PAID INTO THE GENERAL
FUND OF THE STATE; AND

(2)    50 PERCENT SHALL BE PAID TO THE COUNTY
WHERE THE PRINCIPAL OFFICE OF THE CORPORATION IS LOCATED.

(B)    IF THE PRINCIPAL OFFICE IS LOCATED IN A
MUNICIPAL CORPORATION WITHIN A COUNTY, THE LOCAL SHARE
SHALL BE DIVIDED EQUALLY BETWEEN THE COUNTY AND THE
MUNICIPAL CORPORATION.

(C)    NOTWITHSTANDING THE PROVISIONS OF SUBSECTION
(B) OF THIS SECTION, A PAYMENT MAY NOT BE MADE TO ANY
MUNICIPAL CORPORATION OR TO BALTIMORE CITY UNLESS:

(1)    IT HAS LEVIED IN ITS CURRENT FISCAL YEAR
TAXES SUFFICIENT TO COLLECT A MINIMUM PER CAPITA REVENUE
OF $1 BASED ON ITS POPULATION AS DETERMINED BY THE MOST
RECENT FEDERAL CENSUS OR OFFICIAL LOCAL CENSUS; AND

(2)    IT HAS CERTIFIED A COPY OF ITS TAX LEVY
TO THE COMPTROLLER.

(D)     ANY MONEY DISTRIBUTABLE TO A MUNICIPAL
CORPORATION WHICH FAILS TO MAKE THE REQUIRED TAX LEVY OR
CERTIFICATION SHALL BE PAID INTO THE GENERAL FUND OF THE
STATE.

(E) THE DEPARTMENT SHALL:

(1)    ACCOUNT QUARTERLY TO THE COMPTROLLER FOR
ALL BONUS TAXES AND FOR ALL RECORDING, FILING, OR OTHER
FEES COLLECTED BY THE DEPARTMENT UNDER §1-203 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE; AND

(2)    IMMEDIATELY PAY THE AMOUNT COLLECTED TO
THE STATE TREASURER FOR DISTRIBUTION UNDER THIS SECTION.

REVISOR'S NOTE: These sections presently appear as
Art. 23, §130(b) and (c).

They are reallocated to Art. 81 to allow for
better organization.

The only other changes are in style.

SECTION 7. AND BE IT FURTHER ENACTED, That Sections
14, 16, 23, 39(e), 40(b), 67, 68, 86, 87, and 88 of
Article 11 — Banks and Trust Companies of the Annotated
Code of Maryland (1968 Replacement Volume and 1974
Supplement) be and they are hereby repealed and
reenacted, with amendments, to read as follows: