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ROBERT L. EHRLICH, JR., Governor Ch. 336
(2004 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article—Corporations and Associations
1-203.
(D) TWO PERCENT OF THE FEES COLLECTED UNDER THIS SECTION, EXCEPT
THOSE COLLECTED UNDER SUBSECTION (B)(8) OF THIS SECTION, SHALL BE
CREDITED TO THE SMALL BUSINESS DEVELOPMENT CENTER NETWORK FUND
ESTABLISHED UNDER § 13-104 OF THE EDUCATION ARTICLE.
Article - Education
13-104.
(A) IN THIS SECTION, "FUND" MEANS THE SMALL BUSINESS DEVELOPMENT
CENTER NETWORK FUND.
(B) THERE IS A SMALL BUSINESS DEVELOPMENT CENTER NETWORK FUND.
(C) THE PURPOSE OF THE FUND IS TO PROVIDE MATCHING FUNDS FOR
FEDERAL GRANT FUNDS AND TO SUPPORT THE OPERATIONS OF THE SMALL
BUSINESS DEVELOPMENT CENTER NETWORK IN THE UNIVERSITY OF MARYLAND.
(D) THE FUND IS A SPECIAL, CONTINUOUS, NONLAPSING FUND THAT IS NOT
SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(E) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY, AND THE
COMPTROLLER SHALL ACCOUNT FOR THE FUND.
(F) THE PROCEEDS OF THE FUND SHALL BE INVESTED AND REINVESTED.
(G) ANY INVESTMENT EARNINGS OF THE FUND SHALL BE CREDITED TO THE
GENERAL FUND OF THE STATE.
(H) THE FUND CONSISTS OF:
(1) REVENUE DISTRIBUTED TO THE FUND UNDER § 1-203(D) OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE; AND
(1) ANY MONEY APPROPRIATED TO THE FUND;
(2) ANY FEDERAL GRANT FUNDS; AND
(2) (3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTED FOR
THE BENEFIT OF THE FUND.
(I) MONEY IN THE FUND MAY ONLY BE EXPENDED TO PROVIDE MATCHING
FUNDS FOR FEDERAL GRANT FUNDS AND TO SUPPORT THE OPERATIONS OF THE
SMALL BUSINESS DEVELOPMENT CENTER NETWORK.
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