HARRY HUGHES, Governor                                     4089

WITHIN THE TIME PRESCRIBED WITHIN THIS SECTION.

(K) (1) (I) THE BOARD IN ORDER TO PROTECT THE REVENUES TO
BE OBTAINED UNDER THIS SECTION MAY REQUIRE ANY PERSON COLLECTING
THE TAX TO FILE WITH THE BOARD A SURETY BOND ISSUED BY A SURETY
COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE AND APPROVED BY
THE STATE INSURANCE COMMISSIONER AS TO SOLVENCY AND
RESPONSIBILITY, IN SUCH AMOUNT OR AMOUNTS FROM TIME TO TIME AS
THE BOARD MAY FIX TO SECURE THE PAYMENT OF THE TAX DUE OR WHICH
MAY BECOME DUE FROM THE PERSON COLLECTING THE TAX.

(II)  IF THE BOARD DETERMINES THAT THE PERSON IS
TO FILE SUCH A BOND, THE BOARD SHALL GIVE NOTICE TO THE PERSON TO
THAT EFFECT SPECIFYING THE AMOUNT OF BOND REQUIRED.

(III)  THE PERSON COLLECTING THE TAX SHALL FILE
THE BOND WITHIN 5 DAYS AFTER RECEIVING THE NOTICE UNLESS WITHIN
THAT PERIOD THE PERSON REQUESTS IN WRITING A HEARING BEFORE THE
BOARD, AT WHICH HEARING THE NECESSITY, PROPRIETY, AND AMOUNT OF
THE BOND SHALL BE DETERMINED BY THE BOARD.

(IV)  THIS DETERMINATION IS FINAL AND SHALL BE
COMPLIED WITH WITHIN 15 DAYS AFTER THE PERSON COLLECTING THE TAX
RECEIVES NOTICE THEREOF.

(2) (I) IN LIEU OF THE BOND REQUIRED BY PARAGRAPH (1)
OF THIS SUBSECTION, SECURITIES APPROVED BY THE BOARD OR CASH IN
SUCH AMOUNT AS THE BOARD PRESCRIBES MAY BE DEPOSITED, WHICH SHALL
BE KEPT IN THE CUSTODY OF THE BOARD.

(II) THE BOARD AT ANY TIME WITHOUT NOTICE TO
THE DEPOSITOR OF THE SECURITIES OR CASH MAY APPLY THEM TO ANY TAX
DUE, AND FOR THAT PURPOSE THE SECURITIES MAY BE SOLD BY THE BOARD
AT PUBLIC OR PRIVATE SALE WITHOUT NOTICE TO THE DEPOSITOR OF THE
SECURITIES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

May 29, 1984
The Honorable Benjamin L. Cardin
Speaker of the House of Delegates
State House
Annapolis, Maryland 21404

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed House Bill 1237.