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Ch. 429
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LAWS OF MARYLAND
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2236
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of Maryland (1975 Replacement Volume and 1976 Supplement)
to read as follows:
Article 77 - Public Education
6.
(F) THE BOARD MAY REQUIRE A PERFORMANCE BOND TO BE
FILED BY ANY INSTITUTION WHICH IS REQUIRED TO OBTAIN A
CERTIFICATE OF APPROVAL UNDER § 11. THE STATE
SUPERINTENDENT SHALL DETERMINE THE FORM AND AMOUNT OF THE
BOND. THE BOND SHALL BE CONDITIONED UPON (1) THE FAITHFUL
PERFORMANCE OF ALL AGREEMENTS OR CONTRACTS MADE BY THE
INSTITUTION WITH ITS STUDENTS AND (2) THE INSTITUTION'S
COMPLIANCE WITH THE PROVISIONS OF THIS ARTICLE. THE
AGGREGATE LIABILITY OF A SURETY FOR ALL BREACHERS OF THE
CONDITIONS OF THE BOND SHALL NOT EXCEED THE AMOUNT OF THE
BOND, REGARDLESS OF THE NUMBER OR AMOUNT OF CLAIMS FILED,
AND IF THE LATTER SHOULD EXCEED THE AMOUNT OF THE BOND,
THE SURETY SHALL PAY THE AMOUNT OF THE BOND TO THE
SUPERINTENDENT FOR DISTRIBUTION TO CLAIMANTS AND SHALL BE
RELIEVED OF ALL LIABILITY UNDER ITS BOND.
SECTION 2. AND BE IT FURTHER ENACTED, That new
Section 32(h) be and it is hereby added to Article 77A
Higher Education, of the Annotated Code of Maryland 1975
Replacement Volume and 1976 Supplement) to read as
follows:
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 32 (h) be and it is hereby
added to Article 77A — Higher Education, of the Annotated
Code of Maryland (1975 Replacement Volume and 1976
Supplement) to read as follows:
Article 77A - Higher Education
32.
(H) THE BOARD MAY REQUIRE A PERFORMANCE BOND TO BE
FILED BY ANY INSTITUTION WHICH IS REQUIRED TO OBTAIN A
CERTIFICATE OF APPROVAL UNDER § 32A. THE COMMISSIONER
SHALL DETERMINE THE FORM AND AMOUNT OF THE BOND. THE
BOND SHALL BE CONDITIONED UPON (1) THE FAITHFUL
PERFORMANCE OF ALL AGREEMENTS OR CONTRACTS MADE BY THE
INSTITUTION WITH ITS STUDENTS AND (2) THE INSTITUTION'S
COMPLIANCE WITH THE PROVISIONS OF THIS ARTICLE. THE
AGGREGATE LIABILITY OF A SURETY FOR ALL BREACHES OF THE
CONDITIONS OF THE BOND SHALL NOT EXCEED THE AMOUNT OF THE
BOND, REGARDLESS OF THE NUMBER OR AMOUNT OF CLAIMS FILED,
AND IF THE LATTER SHOULD EXCEED THE AMOUNT OF THE BOND,
THE SURETY SHALL PAY THE AMOUNT OF THE BOND TO THE
COMMISSIONER FOR DISTRIBUTION TO CLAIMANTS AND SHALL BE
RELIEVED OF ALL LIABILITY UNDER ITS BOND.
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SECTION 3 2. AND BE IT FURTHER ENACTED, That this
Act shall take effect July 1, 1977.
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