HARRY HUGHES, Governor

815

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows

Article - Commercial Law

17-108.

Any stock or other certificate of ownership, or any
dividend, profit, distribution, interest, payment on
principal, or other sum held or owing by a business
association for or to a shareholder, certificate holder,
member, bondholder or other security holder, or
participating patron of a cooperative, who has not claimed
it or corresponded in writing with the business association
concerning it within seven years after the date prescribed
for payment or delivery, is presumed abandoned if:

(1)  It is held or owing by a business
association organized under the laws of or created in the
State; or

(2)  It is held or owing by a business
association doing business in the State but not organized
under the laws of or created in the State, and the records
of the business association indicate that the last known
address of the person entitled to it is in the State[.]; OR

(3)  IT IS HELD OR OWING BY A BUSINESS
ASSOCIATION NOT DOING BUSINESS IN THE STATE AND NOT
ORGANIZED UNDER THE LAWS OF OR CREATED IN THE STATE, BUT THE
RECORDS OF THE BUSINESS ASSOCIATION INDICATE THAT THE LAST
KNOWN ADDRESS OF THE PERSON ENTITLED TO IT IS IN THE STATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved April 8, 1980.

CHAPTER 80

(House Bill 482)

AN ACT concerning

Private Detectives - Filing Annual Statement
and Renewal Application

FOR the purpose of providing that a fee of $10 shall be
assessed each day for each and every required statement
received by the Superintendent after the fifteenth day
of April in each and every year.