HARRY HUGHES, Governor

2949

12C-10.

(A) THE COLLECTOR OF EACH LOCAL JURISDICTION SHALL
GRANT A TAX CREDIT TO A CONTINUING CARE FACILITY FOR THE
AGED HAVING PROPERTY WHICH IS NOT EXEMPT UNDER § 9(E-2) OF
50 PERCENT OF THE STATE AND LOCAL PROPERTY TAXES ON SUCH
TAXABLE PROPERTY.

(B) THE VALUATION AND ASSESSMENT OF THE PROPERTY
QUALIFYING FOR A TAX CREDIT UNDER THIS SECTION SHALL BE MADE
AND ACCOMPLISHED IN ALL RESPECTS AS THE VALUATION AND
ASSESSMENT OF OTHER REAL AND PERSONAL PROPERTY IN THE LOCAL

JURISDICTION.

(C) THIS SECTION SHALL BE EFFECTIVE FOR TAX YEARS
BEGINNING ON OR AFTER JANUARY 1, 1980.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 19, 1981.

CHAPTER 792

(House Bill 1608)

AN ACT concerning

Commercial Banks - Unimpaired Surplus

FOR the purpose of defining the unimpaired surplus of a
commercial bank so that certain maximum liabilities to
a State chartered commercial bank are computed on a
basis comparable with the maximum liabilities to a
national bank operating within the State.

BY adding to

Article - Financial Institutions

Section 3-601(k)

Annotated Code of Maryland

(1980 Replacement Volume and 1980 Supplement)

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be repealed, amended, or enacted to read as follows: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 - Financial Institutions

3-601.